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 Largest Weekly Decline at the Start of a Year Since 2016

January 10, 2023
Recap:  The oil market rallied higher on Monday after falling more than 8% last week, the largest weekly decline at the start of a year since 2016. The oil market was well supported by news that China opened its borders over the weekend for the first time in three years. Domestic ... Read More
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The Oil Market Retraced its Previous Losses

January 9, 2023
Recap:  The oil market retraced its previous losses and rallied by over $1 early in the session amid a weaker dollar. The dollar pared its earlier gains following the release of the U.S. Labor Department’s nonfarm payroll data. The report showed that employers added 223,000 jobs ... Read More
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The U.S. Energy Information Administration Reported an Increase of 1.7 Millions Barrels

January 6, 2023
Recap:  Oil futures rose on Thursday after the U.S. Energy Information Administration reported an increase of 1.7 million barrels for the week to December 30. This puts U.S. crude oil inventories at 420.6 million barrels, 4 percent below the seasonal five-year average. Oil prices ... Read More
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Concerns About Immediate Global Oil Demand Intensified

January 5, 2023
Recap: Oil prices crashed early on Wednesday, with Brent crude falling below the $80 a barrel mark again, as concerns about immediate global oil demand intensified with soaring COVID cases in China and slowing economies globally. On Wednesday, oil prices continued the Tuesday rou ... Read More
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The Market Sold Off Sharply on Tuesday

January 4, 2023
Recap : The oil market sold off sharply on Tuesday following the long New Year’s holiday weekend. The market was pressured by weak demand data from China and a gloomy economic outlook. China’s government raised its export quotas for refined oil products in the first batch for 202 ... Read More
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WTI Finished the Year Above $80 a Barrel

January 3, 2023
Recap: WTI finished the year above $80 a barrel, with the February contract climbing $1.86, or 2.37%, to close the session at $80.26 a barrel. This represents a gain of $5.05 per barrel, or 6.71% to $80.26 this year. Brent tacked on $8.13, or 10.45% this year, gaining $2.45, or 2 ... Read More
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Oil Futures Fell Despite a Weak Dollar and Strong Equities

December 30, 2022
Recap :  Oil prices fell for a second straight session on Thursday on an uncertain demand outlook as more countries considered restrictions on Chinese travelers with COVID-19 infections spreading in the top oil-importing nation. Oil futures fell despite a weak dollar and strong e ... Read More
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Oil Futures Ended Lower on Wednesday

December 29, 2022
Recap:  Oil futures ended lower on Wednesday, with optimism over the demand outlook stemming from China’s continued relaxation of COVID-19 curbs offset by a surge in cases of the disease. A somewhat firmer dollar also lent pressure to this market. Earlier this month, China moved ... Read More
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Severe Weather in the U.S. Cut Into Output Amid Some Outages

December 28, 2022
Recap: Oil futures pulled back from early gains in a thinly traded market, as investors have been trying unsuccessfully for a month to gauge exactly when the Chinese economy may emerge from COVID restrictions. Oil prices had gained earlier in the session as severe weather in the ... Read More
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Several of the Largest U.S. Refineries Were Shut on Friday

December 27, 2022
Fundamental News:  TC Energy Corp said it will start returning to service its Keystone Pipeline’s idled segment to Cushing, Oklahoma in the next several days after a U.S. regulator approved its restart plan. It said “our onsite activities will continue despite adverse weather, al ... Read More
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