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 EIA reported U.S. crude oil inventories fell by 5 million barrels for the week ending May 15

May 21, 2020
Recap: Oil futures climbed to their highest level in 10 weeks after the EIA reported U.S. crude oil inventories fell by 5 million barrels for the week ending May 15, marking the second straight week of declines. Both Brent and WTI rose more than 5% during the session, but gains w ... Read More
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Oil prices gained early in the session due to production cuts and signs of increasing demand

May 20, 2020
Recap: WTI settled higher on Tuesday as the June contract expired, with prices getting a boost from global production cuts, as demand improves. Oil prices gained early in the session due to production cuts and signs of increasing demand, however, a pullback ensued as a U.S. Senat ... Read More
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Crude oil prices surged to a two-month high on Monday

May 19, 2020
Recap: Crude oil prices surged to a two-month high on Monday, with June WTI trading at a high of $33.32, the highest level a spot contract traded since March 16. The rally was fueled by positive results for a Covid-19 vaccine, while major producers continue to hold back on output ... Read More
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The number of US oil and natural gas rigs operating fell to an all-time low for a second consecutive week

May 18, 2020
Recap: WTI traded higher on Friday, following through to the upside after yesterday’s strong gains, as data showed demand for crude picking up in China after the easing of curbs to stem the coronavirus outbreak, boosting hopes that the global supply overhang may start to fade. Ju ... Read More
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WTI rose to its highest level in six weeks

May 15, 2020
Recap: WTI rose to its highest level in six weeks, on the back of recent pledges by OPEC and its allies to cut output, a surprise fall in U.S. crude oil stockpiles and as the IEA pointed to a tightening of supplies. Oil prices have been rising in recent days in response to Saudi ... Read More
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Prices fell as much as 3% on Wednesday

May 14, 2020
Recap: Oil futures slipped on Wednesday after failing to find support despite the surprise drop in U.S. crude oil stockpiles. Price fell as much as 3% as markets were also affected by the U.S. Federal Reserve Chairman warning that economic recovery from the coronavirus pandemic w ... Read More
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U.S. prices finished at their highest level in five weeks

May 13, 2020
Recap: Oil futures rebounded on Tuesday, with U.S. prices finishing at their highest level in five weeks after OPEC's de facto leader, Saudi Arabia, said it would increase supply curbs in June, while other members of the oil-producing group said they want to extend the deep cuts ... Read More
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Saudi Arabia and other major producers vowed to further cut output in June

May 12, 2020
Recap: Oil futures headed to the upside after Saudi Arabia and other major producers vowed to further cut output in June, but the up move was short lived, as a slump in demand due to the coronavirus pandemic outweighed efforts to prop up prices. While an extra 1.2 million barrels ... Read More
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Oil futures finished higher after improvement in demand for petroleum products

May 11, 2020
Recap: Oil futures finished higher on Friday, with U.S. prices posting a climb of about 25% for the week, finding support from signs of production declines and an improvement in demand for petroleum products. On Friday, Baker Hughes reported an eighth weekly decline  in the numbe ... Read More
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The projections for global demand show a decrease of as much as 10.9% in 2020

May 8, 2020
Recap: Oil futures gave up early gains on Thursday as global supply and demand worries erased earlier gains seen from an increase in Saudi Arabia's official crude selling price and a surprise rise in Chinese exports last month. Brent was up over 5%, while WTI was up as much as 10 ... Read More
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