OPEC officially extended their product cuts through the end of 2018, which caused markets to run up initially before a steep sell-off, and now prices are back near where they started. Crude prices gave up 43 cents (0.7%) yesterday in anticipation of the OPEC announcement, and are today struggling[…]
Oil markets managed to eke out some gains yesterday despite trading lower for most of the day. Light volumes have kept prices from gyrating too significantly. Crude picked up a meager 13 cents yesterday, but gave up those gains and more overnight. Currently, crude prices are trading at $57.87, 12[…]
Markets are on the downward trek this morning thanks to news yesterday evening that the Keystone pipeline will resume activities today, once more allowing fuel to flow from Canada to Oklahoma and Illinois. WTI crude prices have responded by falling 25 cents overnight, and continuing declines today.[…]
Prices are losing steam this morning after hitting new annual highs on Friday, with WTI crude at one point peaking above $59. On Wednesday, prices opened at $57.12, and gained 90 cents to close above $58. The Thanksgiving holiday was not enough to slow down markets, and prices ended Friday at[…]
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Crude markets saw some small gains yesterday, boosted by an API report showing a 6.4 million barrel stock draw, far more than market expectations. Crude prices gained 45 cents yesterday, rising steadily higher throughout the day after a down day on Monday. This morning, crude oil prices opened with[…]
After moderate losses yesterday, oil markets are heading towards higher ground. Oil prices yesterday gave up 60 cents, a notable -1%, as the December contract expired, showing that markets lack confidence in physical supply tightness next month. The contract now rolls over to January, which traded[…]
After a huge rally for fuel products on Friday that reversed the week’s losses, oil markets have lost their enthusiasm. Prices are adjusting lower this morning as traders take their profits and exit the market. Although crude prices could not completely reverse their losses for the week, Friday did[…]