COVID-19 Response
Stay current on the latest announcements and news from Sprague - including press releases, product spec sheets, and case studies. Download PDF Reader.

Oil futures rose to their highest level in almost a year

January 11, 2021
Recap: Oil futures rose on Friday, to their highest level in almost a year and gaining almost 8% on the week in a large part due to Saudi Arabia’s decision to unilaterally cut crude oil output. It is hoped that the move by Saudi Arabia will tighten the supply/demand ratio, as COV ... Read More
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Oil futures reached their highest level in 11-months

January 8, 2021
Recap: Oil futures rose for the third straight session, reaching their highest level in 11-months, boosted by the larger than expected weekly drop in U.S. crude oil inventories and the voluntary actions by Saudi Arabia to further reduce output by 1 million barrels per day. It’s h ... Read More
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Oil futures rose to their highest level in 10-months

January 7, 2021
Recap: Oil futures rose to their highest level in 10-months, after Saudi Arabia announced that it would voluntarily cut output, and as U.S. crude oil inventories fell for the fourth straight week. The Saudi Oil Minister said that his country would cut output by an additional 1 mi ... Read More
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OPEC and its allies agreed to roll over current production cuts into February

January 6, 2021
Recap: Oil futures bounced back on Tuesday, with WTI trading above $50 a barrel for the first time since February, as OPEC and its allies agreed to roll over current production cuts into February, but with Saudi Arabia voluntarily taking a larger reduction. In its December meetin ... Read More
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OPEC+ could not reach an agreement on Monday as to whether or not to increase output in February

January 5, 2021
Recap: After rising to multi-month highs, crude oil prices slipped to finish the first trading day of the year 1% lower on the day after OPEC+ could not reach an agreement on Monday as to whether or not to increase output in February, but agreed to meet again on Tuesday. The S&P ... Read More
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Both Brent and WTI have more than doubled from April’s record lows

January 4, 2021
Recap: The last day of trading for crude oil futures was a choppy one, with both benchmarks posting modest session gains. Thursday’s session culminates what was a chaotic year, as the COVID-19 pandemic wreaked havoc across the globe. Although both Brent and WTI have more than dou ... Read More
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Oil futures gained traction for the second straight session

December 31, 2020
Recap: Oil futures gained traction for the second straight session, supported by a larger than expected draw in U.S. crude oil inventories and the roll out of coronavirus vaccines. However, gains were kept at bay by an abundance of supply amid faltering demand. Apart from this, t ... Read More
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Oil futures climbed on Tuesday in a lightly traded market

December 30, 2020
Recap: Oil futures climbed on Tuesday in a lightly traded market, as traders grew more optimistic over another round of economic stimulus by U.S. law makers, which may help boost demand and spur the economy. WTI for February delivery gained 38 cents, or 0.8%, to settle at $48 a b ... Read More
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IIR Energy reported that U.S. oil refiners are expected to shut in 3.6 million bpd of capacity

December 29, 2020
Recap: After opening unchanged, oil futures jumped following President Trump’s decision to sign legislation that includes $900 billion in aid to consumers and small businesses. However, the early run up faded as traders worried that an expected holiday spike in COVID-19 cases wou ... Read More
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ADNOC eased supply cuts in line with an OPEC+ agreement to increase production by 500,000 bpd

December 28, 2020
Fundamental News:  Abu Dhabi National Oil Company has kept crude supply reductions to term customers in Asia mostly steady in February versus January.  ADNOC notified its customers that their February term supplies for Murban and Das crude will be reduced by 18% to 20% while Umm ... Read More
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