Crude

WTI Slides After Surprise Crude Build

Oil prices gave back a lot of their early gains today as chatter about the US stimulus plan suggested its not ponies and unicorns for all after all and worries about Chinese demand weighed. WTI slipped back below $53 briefly. The U.S. “is still the biggest market in the world and it hasn’t recovered all…

Oil Algos Confused By Crude Draw, Major Product Build, Weak Demand

After ramping notably overnight (after API reported a big surprise crude draw), WTI tumbled back below $53 this morning as the dollar strengthened, and as Bloomberg reports, even with Saudi Arabia’s pledge to unilaterally cut oil output, the supply picture remains precarious. Oil inventories for the Organization for Economic Co-operation and Development are 160 million…

WTI Extends Losses After Surprise Crude Build

Oil prices extended their losses today, with WTI back below $47 at its lowest in a week, as fears of a rapidly spreading COVID strain struck fear in the vaccine-hopers expecting a return to normal. “This sudden, panicked action by government around the world points to the risk of even more widespread lockdowns and travel…

WTI Holds Gains Despite Surprise Crude Build

 Oil surged to the highest in nearly 10 months in New York alongside a broader market rally as hopeful headlines on US stimulus talks combined with the COVID-19 vaccine rollout stoked optimism around a demand revival…again! “Oil’s reacting to pretty significant increases in risk appetite,” said Bart Melek, head of global commodity strategy at TD Securities. “But with the…

Brent Crude Surges Above $50 For First Time Since March

While stocks are creaking on the back of continued weakness in the tech sector, the energy complex is having a great day as Brent crude rises above $50 for the first time since March. While there is no immediately catalyst, Bloomberg cites strong demand from Asia as the major driver for today’s strong commodity market….

Saudis Raise Crude Prices To Asia For First Time In 4 Months After OPEC+ Deal

Just day after OPEC+ reached an agreement to ease production curbs (in order to keep UAE happy) but assess production levels monthly in order to ensure that oil prices don’t slide after reaching an 8 month high on covid vaccine optimism, Saudi Arabia raised oil pricing for customers on Sunday for its main market of Asia….

Crude Crashes In Early Asia Trading

WTI just tumbled to a $33 handle in early trading (after being above $40 just 3 days ago) as demand fears (European lockdowns) and supply concerns (Libya ramped up its production) combined to spark anxiety about the energy complex outlook. Dec WTI Futs are down over 5%… This is the lowest front-month oil price since…