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.

The IEA report suggested that crude oil supplies are contracting, estimating a 4 million barrel per day drop in the fourth quarter

October 15, 2020
Recap: Oil prices traded higher on Wednesday encouraged by OPEC+’s commitment to output cuts, as equities strengthened and the U.S. dollar fell. Adding to Wednesday’s support was the latest IEA report, suggesting that crude oil supplies are contracting, estimating a 4 million bar ... Read More
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Data showed that Chinese crude oil imports rose to the equivalent of 11.8 million barrels per day in September

October 14, 2020
Recap: Oil prices ended higher on Tuesday, as data from China showed a jump in Chinese crude imports. WTI recaptured the $40 level after data showed that Chinese crude oil imports rose to the equivalent of 11.8 million barrels per day in September. November WTI settled at $40.20 ... Read More
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Oil prices slipped to their lowest level in a week on Monday

October 13, 2020
Recap: Oil prices slipped to their lowest level in a week on Monday, as production in Norway, Libya and the Gulf of Mexico began to recover. WTI traded back below $40 a barrel, as the strike in Norway ended, while Libya lifted its force majeure and as production in the Gulf of Me ... Read More
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The Bureau of Safety and Environmental Enforcement reported that personnel have been evacuated from a total of 274 production platforms

October 12, 2020
Recap: The oil markets were on a bit of a rollercoaster today. While the movement of Hurricane Delta across the Gulf of Mexico as a Category 2 or 3 hurricane and its approach to the Louisiana coast continued to provide underlying support to the market, the midday news that Norweg ... Read More
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Saudi Arabia is reviewing and potentially delaying its support for higher crude oil production levels by OPEC+ early next year

October 9, 2020
Recap: The oil markets continued to trend higher throughout the day Thursday, driven higher by several factors, the first, the continued march of Hurricane Delta through the center of energy production fields in the Gulf of Mexico and shutting down some 1.7 million b/d or 91% of ... Read More
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Hurricane Delta shut more than 80% of U.S. Gulf offshore crude oil production

October 8, 2020
Recap: Oil futures settled lower on Wednesday, but losses were pared as Hurricane Delta shuts more than 80% of U.S. Gulf offshore crude oil production. November WTI had gained ground $40 a barrel prior to the release of the EIA report, but dipped to a fresh session low after the ... Read More
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Oil futures jumped 6% on Monday

October 6, 2020
Recap: Oil futures jumped 6% on Monday, as traders weigh the prospect for another round of stimulus in the U.S. while they also monitor President Trump’s health, which is said to be improving. Also adding support is the strike in Norway, which is curtailing crude oil output, and ... Read More
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Oil futures fell on Friday following news that President Donald Trump has contracted COVID-19

October 5, 2020
Recap: Oil futures fell on Friday following news that President Donald Trump has contracted COVID-19, adding pressure to a market that has already been dipping on concerns about the number of rising cases worldwide and its impact on demand. This news sent a wave of uncertainty th ... Read More
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Further shutdowns due to the spread of coronavirus cases across the globe fueled demand concerns

October 2, 2020
Recap: Oil futures fell on Thursday, as the potential of further shutdowns due to the spread of coronavirus cases across the globe fueled demand concerns. Oil futures were sharply lower, with prices posting their lowest settlement in two-weeks. November WTI fell $1.50, or 3.7%, t ... Read More
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The EIA reported the third consecutive weekly decline in U.S. crude oil inventories

October 1, 2020
Recap: Oil futures gained on Wednesday after the EIA reported the third consecutive weekly decline in U.S. crude oil inventories. However, prices suffered their first monthly decline since April amidst rising concerns over the global spreading of the coronavirus. November WTI ros ... Read More
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