Category: Petroleum Daily

Oil prices rose today as the EU agreed to a phased ban on Russian oil. The group agreed in principle to cut roughly 90%

Oil prices turned negative today after a report that some producers were exploring the idea of suspending Russia’s participation in the OPEC+ production deal. While there was no formal push for Organization

Oil prices were higher today, closing up week over week ahead of the long weekend for US markets.

Oil prices rallied today on signs of tight supply heading into summer driving season. Equity prices are also rising which sometimes leads crude higher, along with a weakening in the dollar. “Crude prices rose as a tight oil market was going to remain in place given the start of the summer driving season was going […]

Oil prices rose today as crude stocks declined again and refinery utilization rose to the highest level since pre-pandemic. US crude inventories declined by 1MM/bbls last week, compared to a forecasted draw of 740K/ bbls. Gasoline inventories decreased by 500K/bbls and distillate inventories increased by 1.7MM/bbls. Refined product exports were more than 6.2MM/bpd, which is […]

Oil prices were lower today in a choppy session. Prices were initially higher after Germany said the EU could agree on an embargo “within days”.

Oil prices were mostly flat for the day. Recession fears have been impacting financial markets as of late and this has started to spill over into the energy complex. “There are black clouds gathering around the financial markets here and it has started to impact crude oil,” said Bob Yawger, director of energy futures at […]

Oil prices settled up today with both contracts gaining week over week as China is easing lockdown restrictions and the EU negotiates it’s proposed ban on Russian oil.

Oil prices rebounded today, as US negotiators said the Iran deal was far from a sure thing. Weakness in the dollar also provided a boost in another session of wild swings. “The market has been extremely volatile,” said Andrew Lipow, president of Lipow Oil Associates in Houston. “The market is reacting to all sorts of […]

Oil prices fell today in another bad day for financial markets as government data showed refiners were ramping up output. Refining capacity on the East and Gulf coast was above 95%, putting these refiners pretty much at maximum operating capacity. Gasoline prices have finally started to show some reprieve falling 5% over the last two […]