Oil prices traded up today on concerns it could take weeks to clear the giant container ship blocking the Suez Canal. Of the 39.2 MM/bpd of total seaborne crude in 2020,

Oil prices rebounded today on news of a ship running aground in the Suez Canal.

Oil prices continued to tumble as Fed Chair Powell and Treasury Sec Yellen testified today. The two admitted that “valuations are high” in “pockets of the market” but stopped short of saying there were any major problems

Nearly a third of French people entered a month-long lockdown on Saturday while Germany plans to extend its lockdown into a fifth month,

A sharp rise in the value of the dollar after yesterday’s U.S. Federal Reserve meeting is also contributing to the oil sell-off.

Oil prices slipped for a fourth consecutive day on rising crude inventories and weak product demand. Crude inventories rose by 2.4MM/bbls, vs a forecasted decline of 1MM/bbls. Crude inventories have now risen for four straight weeks with issues stemming from the freeze last month

There will be no commentary today.

With increased demand and tighter gasoline supplies, we are looking at more expensive pump prices with little relief in the weeks ahead,