It has been a wild week for refined fuel to say the least, the exception being Monday, which was slightly down. Every day since has seen minimal to large gains in crude and in products. Today that trend continues, this morning was fairly quiet, but at the time of this writing distillate is up $.05 […]
The energy markets continue to be highly volatile. In today’s Energy Market update we will discuss the news that is driving these markets. The Red Sea. There have been multiple attacks on shipping vessels in the Red Sea by the Houthi militia group. They have vowed to continue attacks until aid reaches Palestinians in Gaza.
There is a lot to unpack in todays update. At the beginning of December, we saw steady drops for an extended period. Mid-December is when the swing started to occur, and the bulls stayed strong until Christmas. The last few days have finally shown a pullback. Will this last? Hard to say as there are
Chinese refiners demand for Saudi Aramco crude oil for January is the lowest in five months. Higher than expected prices prompted buyers to look for cheaper supply. About 40 million barrels were nominated by Chinese refiners for January loading, this is down from about 46 million for December, trading sources said. This is the lowest
Yesterday crude, distillate, and gas took a wild ride to the downside. Today is going the other way, at the time of this writing crude is up over $2.00 per barrel, and both distillate and gas are up over $.06 cents. Could it be that traders are just taking advantage of some low prices going
The energy markets seem to be taking a little breather today. At the time of this writing markets are down across the board. Let’s look at some of the news affecting the markets. The U.S has increased sanctions against Russia over the war in Ukraine. Seven Russian banks along with a dozen companies were added
At the beginning of October, we were seeing big drops in distillate prices, gas pricing was falling as well. That changed at the beginning of this week with the conflict in the Middle East. Monday and Tuesday this week had the markets spiking upwards on crude and distillate, with gas staying relatively quiet. Today the
Energy Market Update – September 27, 2023 Crude and products are moving higher today. We are continuing to see a battle between tight supply and impacts of high interest rates and how they affect demand. Saudi Arabia and Russia’s plan to keep collective production cuts of 1.3 million barrels per day in place through the
It appears the bulls are in control of the market. The uptrend began July 19th and has been up every day since on crude and distillate, gas had one minor down day, other than that it is all on the upside. This morning the market was fairly quiet, and thoughts were that maybe traders would
Energy Market Update: July 14, 2023 Production shutdowns in Libya and Nigeria have led to strain on inventories and strengthened demand for US crude. Libya is shut down due to protest at some of their oil fields. This has resulted in halting nearly 370K barrels per day. Shell shut down Nigeria’s loading into a terminal.