US crude prices gained today on prospects of OPEC+ production cuts continuing through the end of the year. “With Brent prices having stalled in the mid-$80s … the prospect of those Saudi barrels returning to the market any time soon looks slim and the impact is increasingly being felt across the world as commercial stock […]
Oil prices gained today continuing yesterdays rally on a positive EIA report as inventories fell by 10.6MM/bbls, exceeding expectations. Analysts had forecasted a drop of 3.3MM/bbls. Meanwhile product supplied for gasoline was at about 9.1MM/bpd. Analysts are advising caution on these demand numbers however. “I would expect (gasoline demand) to fall precipitously from here,” said […]
Oil prices were stronger today rising as the dollar slid. Meanwhile Hurricane Idalia is forecast to make landfall as a category 3. The storm will likely impact fuel distribution system and hit fuel consumption in the affected regions just ahead of Labor day. Adding to supply concerns, US rig count declined in august for the […]
Oil prices were higher today as China took steps to bolster is flagging economy. Investors remained worried however about the pace of growth and further US interest rate hikes. The focus today is on “China actions to support its economy, Tropical Storm Idalia heading for Florida and whether Brent can regain momentum on a break […]
“Railroads are the great symbols of modernity. They are also, less obviously, the great symbols of democracy.” – Paul Theroux Jobs Update Stocks closed higher on Friday of last week, but mixed week over week The DOW closed higher on Friday of last week, up 247.48 points (+0.73%), closing out the week at 34,346.9, down […]
Oil was higher today, trading up about 1% to a one week high and ULSD prices were strong. Diesel futures rallied 5%, near 7 months highs boosting the diesel crack spread. “The main thing was concern about diesel prices, the diesel crack spread and worries about diesel shortages when refineries go into maintenance,” said Phil […]
Oil prices were higher today rebounding after the last few days in another volatile session. Falling refined product stocks in Europe and a drop in the 2-year U.S. treasury yields likely lifted oil prices, UBS analyst Giovanni Staunovo said, adding that volatility is likely to persist until investors get clarity on the U.S. Federal Reserve’s […]
Oil prices were lower today on a build in gasoline stocks and weak manufacturing data globally. Gasoline inventories climbed by 1.5MM/bbls compared with estimates of an 888K/bbl drop. Crude inventories fell by 6.1MM/bbls, higher than an expected 2.8MM/bbl drop. This data is a bit of a mixed bag especially as refiners continue to run at […]
Oil prices were lower today on continued nagging worries about Chinese demand. “Saudi and Russian output cuts have been largely negated by weakening crude demand from China that appeared to develop last month and is apt to continue through the rest of the summer,” said Jim Ritterbusch, president of Ritterbusch and Associates LLC in Galena, […]
Oil prices were lower today as Chinese demand expectations were tempered. “It seems that (China’s recovery) is not going to happen,” said John Kilduff, partner at Again Capital. “It’s doubtful they’re going to be buying. They bought a lot of crude for storage earlier in the year. They’re sitting on a lot of crude.” Chinas […]