QuickPrice

Prompt WTI futures struggled to tread water just above $50/bbl last Friday after Russia said it would need more time to formulate its position vis-à-vis the proposed 600,000 bbl/d of additional OPEC+ production cuts. The coronavirus outbreak in China has led to a major reassessment of global supply/demand fundamentals, with all eyes now on OPEC and allied non-OPEC countries to manage deteriorating physical market conditions. Even before the deadly coronavirus outbreak, early 2020 was set to be...

Crude oil futures continued their downward slide last week, with March WTI opening last Monday at $53.70/bbl and settling Friday at $52.92/bbl. Front month WTI opened lower this morning at $51.01/bbl. Coronavirus concerns continue to dominate the headlines and market participants are bracing for a sharp slowdown in refined product demand as China takes aggressive efforts to contain the spread of the disease and countries around the world impose restrictions on air travel from China. OPEC and...

The Week in Crude Oil Markets US crude oil inventories decreased by a modest 0.4 MMbbl the week that ended Jan. 17, according to last week’s report from the US Energy Information Administration. Gasoline inventories increased by 1.7 MMbbl and distillate inventories decreased by 1.2 MMbbl. Total petroleum inventories posted an increase of 1.9 MMbbl. US crude oil production was estimated to be flat on the week, and crude oil imports were down by 120,000 bbl/d to 6.432 MMbbl/d....

US crude inventories declined by 2.5 MMbbl the week that ended Jan. 10, according to last week’s report from the US Energy Information Administration. Gasoline and distillate stocks increased by 6.7 MMbbl and 8.2 MMbbl, respectively, resulting in a very large increase of 14.5 MMbbl for total petroleum inventories. Inventory builds across the complex were largely attributable to depressed export volumes and seasonally weak demand for motor fuels. Crude runs, last reported at 16.973 MMbbl/d, will...

US crude oil inventories increased 1.2 MMbbl the week that ended Jan. 3, according to last week’s report from the US Energy Information Administration. Gasoline inventories increased 9.1 MMbbl while distillate inventories increased by 5.3 MMbbl. Total petroleum inventories posted a very large increase of 14.8 MMbbl. US crude oil production was flat from the previous week, while crude oil imports rose 0.38 MMbbl/d to 6.7 MMbbl/d. Crude oil prices sharply reversed direction before the...

US crude oil inventories decreased by a massive 11.5 MMbbl the week that ended Dec. 27, according to last week’s report from the US Energy Information Administration. Gasoline inventories increased 3.2 MMbbl while distillate inventories increased by 8.8 MMbbl. The large crude draw was driven by record weekly exports of 4.672 MMbbl/d, as well as high crude runs of 17.283 MMbbl/d and low imports of 6.352 MMbbl/d—down by 0.46 MMbbl/d versus the previous week. Crude oil prices have been...

US crude oil inventories decreased by 5.5 MMbbl according to last week’s report from the US Energy Information Administration. Gasoline inventories increased 2.0 MMbbl while distillate inventories decreased 0.2 MMbbl. Total petroleum inventories posted a substantial decrease of 10.2 MMbbl. US crude oil production increased 100,000 bbl/d on the week, while crude oil imports were up 0.23 MMbbl/d to 6.8 MMbbl/d. Optimism is driving the WTI market, as participants believe that the Phase 1...

US crude oil inventories increased by 0.8 MMbbl the week that ended Dec. 6, according to last week’s report from the US Energy Information Administration. Gasoline inventories increased 5.4 MMbbl while distillate inventories were up 4.1 MMbbl. Total petroleum inventories posted a significant gain of 17.2 MMbbl. US crude oil production was down 100,000 bbl/d compared to the prior week, while imports were up 890,000 bbl/d to 6.9 MMbbl/d. WTI prices were firm last week after the OPEC+...

US crude oil inventories decreased by 4.9 MMbbl the week that ended Nov. 29, according to last week’s report from the US Energy Information Administration. Gasoline inventories increased by 3.4 MMbbl and distillate inventories by 3.1 MMbbl, and total petroleum stocks were down by 4.9 MMbbl, excluding the Strategic Petroleum Reserve. US crude oil production was flat on the week, while imports were down 0.2 MMbbl/d to 6.0 MMbbl/d. WTI started the week firm but quiet until the inventory...

US crude oil inventories increased by 1.6 MMbbl the week that ended Nov. 22, according to last week’s report from the US Energy Information Administration. Gasoline and distillate inventories increased 5.1 MMbbl and 0.7 MMbbl, respectively. Total petroleum inventories posted a slight increase of 0.1 MMbbl. US crude oil production rose 100,000 bbl/d, while crude oil imports were up 0.22 MMbbl/d to 6.2 MMbbl/d. WTI prices started the week firm and remained at the high end of the recent...