Oil prices were lower today on a stronger dollar and surprise jump in crude inventories. Both contracts have been under selling pressure since hitting four month highs last week. US crude inventories rose by 3.2MM/bbls, versus a forecasted decline of 1.3MM/bbls. Gasoline inventories rose by 1.3MM/bbls versus an expected drop of 1.7MM/bbls. Gasoline demand meanwhile […]
Oil prices were slightly lower today as investors took a more mixed view toward the loss of Russian capacity. Russia’s government ordered companies to cut output in the second quarter to meet a 9 million barrels per day (bpd) target to comply with pledges to the OPEC+ consumer group. “Gasoline is seeing the support of […]
Oil prices were higher today as the Russian government is curbing oil output. Moscow has ordered companies to reduce oil output in the second quarter to meet a production target of 9 million bpd by the end of June, in line with its pledges to the producer group OPEC+, three industry sources said on Monday. […]
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“No man ever steps in the same river twice, for it’s not the same river and he’s not the same man.” – Heraclitus Jobs Update Stocks closed mixed on Friday of last week and mixed week over week The DOW closed lower on Friday of last week, down -305.47 points (-0.77%), closing out the week […]
Oil prices were down today and are slightly lower week over week on the possibility of a ceasefire in Gaza. “Everyone is watching for what the weekend will bring with Gaza,” said John Kilduff, partner with Again Capital LLC, adding that successful peace talks would prompt Yemen’s Houthi rebels to allow oil tankers to pass […]
Oil prices settled lower on Thursday pressured by weakening gasoline demand. Though gasoline inventories fell last week for a seventh week, gasoline product supplied, a proxy for product demand, slipped below 9 million barrels. The fall suggested that gasoline markets, which had underpinned a recent market rally, may have been overbought, according to Bob Yawger, […]
Oil prices were lower today as the market weighed todays Fed decision. The Federal Reserve decided to hold interest rates unchanged, as expected. Policy makers indicated they still expect to reduce them by 750 bps for the end of 2024 but Powell was Dovish in his press conference sending equities higher. Crude inventories fell more […]
Oil prices rose today to multi month highs for the second straight session. Traders are assessing how Ukraine’s recent attacks on Russian refineries would affect global petroleum supplies. Ukraine has stepped up attacks on Russian oil infrastructure this year, with at least seven refineries targeted by drones just this month. The attacks have shut down […]
Oil prices were higher today trading up to four month highs on lower crude exports from some OPEC countries. Both contracts closed at their highest price since late October while gasoline futures closed at their highest since August. In Russia, meanwhile, Ukrainian attacks on energy infrastructure have idled around 7% of refining capacity in the […]