COVID-19 Response
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Baker Hughes reported that the number of U.S. oil rigs rose by 11 to 183

August 24, 2020
Recap: Oil futures traded lower on Friday pressured by enduring concern over the coronavirus and its impact on demand, strength in the dollar and weak economic data out of the Eurozone and Japan added to the pressure.  Prices remained under pressure after Baker Hughes reported th ... Read More
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Oil futures pulled back Thursday on lingering concerns regarding demand

August 21, 2020
Recap: Oil futures pulled back Thursday, on lingering concerns regarding demand and as weekly unemployment claims rose in the U.S. The lower move also follows Wednesday’s release of the Fed’s July 28-29 meeting, in which staff economists told policy makers they were lowering thei ... Read More
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The EIA report showed a decline in U.S. gasoline inventories

August 20, 2020
Recap: WTI futures were steady on Wednesday, shaking off early losses after gaining support from the EIA report, which showed a decline in U.S. gasoline inventories. Gains were limited however, as demand was down 14% from a year ago, as the pandemic took a bite out of seasonal de ... Read More
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Oil futures were pushed lower on Tuesday

August 19, 2020
Recap: Oil traders squared positions ahead of the API report and Wednesday’s meeting between OPEC and its allies, pushing oil futures lower on Tuesday. However, traders were placing bets that the products will outperform crude oil, taking both gasoline and heating oil futures hig ... Read More
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Oil prices reversed early losses

August 18, 2020
Recap: Oil prices reversed early losses, as China planned to boost U.S. imports and as OPEC+ members almost fully complied with production cuts last month. The reports of U.S. imports to China implied that tensions between China and the U.S. are not as bad as feared, and that dem ... Read More
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The U.S. oil and gas rig count fell by three to a record low of 244

August 17, 2020
Recap: The oil markets continued to wander about in a sideways trading pattern today as traders appear to hold little conviction on the direction of prices here near term, especially as it appears many are absent from trading due to vacations.  Volume this week in the WTI futures ... Read More
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The IEA reduced its 2020 oil demand forecast by 140,000 b/d to 91.9 million b/d

August 14, 2020
Recap: The oil market was on the defensive Thursday due in part to the release of IEA latest market outlook. The IEA reduced its 2020 oil demand forecast by 140,000 b/d to 91.9 million b/d, and also revised downward its 2021 demand outlook by 240,000 b/d to 97.1 million b/d. This ... Read More
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Fuel demand rose to 19.37 million b/d last week

August 13, 2020
Recap: The oil markets finished higher Wednesday, led by the gasoline market which finished up 3.3% followed by a 2.5% and a 1.5% gain recorded respectively in crude oil and heating oil. The positive demand numbers for the week ending August 7th released by the EIA this morning h ... Read More
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The EIA reported that U.S. crude oil production is expected to fall by 990,000 bpd in 2020

August 12, 2020
Recap: The oil markets over night and early this morning were supported by the news that Russia claimed it was the first country to grant regulatory approval to a COVID-19 vaccine. But as the day wore on the bulls began to flee the market as precious metals values were evaporatin ... Read More
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Oil markets finished the day higher finding support from positive economic news

August 11, 2020
Recap: Like most commodity and equity markets today, the oil markets finished the day higher finding support from positive economic news coming out of China earlier in the day, as well as indications that budget talks in Washington still were not dead. While the September heating ... Read More
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