“Saudi imports are down to a trickle and I think this draw is going to be the first in a string of draws,”

Sustaining the independent show of gasoline strength will be challenged by coronavirus headlines where news has seen a definite negative shift in recent weeks,”

Oil prices rose today starting the week out strong after having a negative week last week. The biggest yet unsurprising news was the Chesapeake bankruptcy.

Oil prices dipped slightly for the day posting a negative week for 2 out of the last 3. As virus cases appear to be on the rise in states like

Oil prices rose today as prices whipsawed between gains and losses as the US hit a grim milestone of a record 45000+ COVID cases in a day.

Oil prices tanked today led lower by other financial markets as US crude inventories rose to yet another record last week. This marks a third straight record for US crude inventories …

Oil prices traded down for the day, but US oil prices still hovered above $40/bbl mark, a key technical level. $40 WTI also represented a psychological barrier over the last couple months and breaking through that level is a very positive sign.

WTI settled above $40 for the first time since March as rig count data in the US and Canada shows active rigs continued to plummet. Both Brent and WTI rose about 9% last week, supported by a recovery in fuel demand as lockdowns eased and economic activity resumed.