“It always seems impossible until it is done” – Nelson Mandela COVID-19 The United States currently has 30,081,657 confirmed COVID 19 cases and 547,234 confirmed deaths. US Jobless Claims In the week ending March 6th, initial claims were 712,000, a decrease of 42,000 from the previous week’s revised level. The previous week’s level was revised […]
The decision by major producers to cut production along with optimism over demand has allowed crude pricing to stay near $70 per barrel.
Crude oil prices brushed off bearish inventory reports from the EIA with prices settling higher. Brent settled up $1.73 to $69.63 while WTI gained $1.58 to settle at $66.02. US fuel consumption increased 10% last week from the prior week and shows signs of continued increase. “Refined products and particularly gasoline has been leading the […]
Gasoline stocks fell… (which) provided the bullish offset and eventually sent oil prices higher on the strong demand for end products, hence an economic recovery
Oil prices fell today after a choppy session, coming off yesterday’s post-pandemic highs following an attack on Saudi crude production assets. Market sentiment is turning more cautious as analysts and investment banks are expecting some correction from these levels.
On Mobile? Click here to download the PDF The oil rally slowed today with news of a strengthening dollar despite the attack on the crude oil terminal in Saudi Arabia. Production and export capabilities following the attack in Saudi Arabia came out relatively unscathed, so the market has taken that as a cue for some […]
The number of cars in storage declined again for the 8th consecutive month. As of March 1, 2021, there was a total of 392,511 cars in storage
“I can’t change the direction of the wind, but I can adjust my sails to always reach my destination”. – Jimmy Dean COVID-19 The United States currently has 29,696,250 confirmed COVID 19 cases and 537,838 confirmed deaths. US Jobless Claims In the week ending February 27, the advance figure for seasonally adjusted initial claims was […]
Oil prices continued to climb today along with equity markets as a stronger-than-expected US jobs report. Brent is up over 4% on the week and WTI is up over 7% on the week.
Oil prices had another strong session, with both contracts rallying around 5% on positive news from OPEC+. Prices again hit fresh highs not seen in over a year.