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Stay current on the latest announcements and news from Sprague - including press releases, product spec sheets, and case studies.
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Production in the Gulf of Mexico is still hindered by the effects of Hurricane Ida
September 8, 2021
Recap: The slide in oil prices that began last week continued throughout Tuesday’s session after it was reported that Saudi Arabia made deep cuts to crude oil contract prices for Asia. State run oil group, Saudi Aramco announced on Sunday it will cut October official selling pric ...
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Oil prices rose early in the session on Friday
September 7, 2021
Recap: Oil prices rose early in the session on Friday, as a rebound in global demand was widely expected and a slow recovery for the U.S. Gulf Coast export and refining hub from the hurricane earlier this week looked set to deplete stocks further. The shut in of production in the ...
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Oil futures rose more than $1 per barrel
September 3, 2021
Recap: Oil futures rose more than $1 per barrel on Thursday, rebounding on optimism about the pace of the global economic recovery in spite of the coronavirus pandemic, as well as a sharp decline in U.S. crude oil inventories. Prices moved higher despite OPEC+’s decision to leave ...
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The oil market traded higher in overnight trading ahead of the OPEC+ meeting
September 2, 2021
Recap: The oil market traded higher in overnight trading ahead of the OPEC+ meeting, posting a high of $69.24 before it erased some of its gains and started to trend lower. The market, which was holding support at its previous lows, sold off sharply on the comments made by Russi ...
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The oil market posted an inside trading day on Tuesday
September 1, 2021
Recap: The oil market posted an inside trading day on Tuesday as the market erased some of its previous gains and found support over the $68.00 level. The market traded lower amid the concerns that the power outages and flooding in Louisiana in the wake of Hurricane Ida will cut ...
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Hurricane Ida weakened after forcing the shutdown of 1.74 million bpd of U.S. Gulf oil production
August 31, 2021
Recap: On Monday, the oil market erased its early rally to a four-week high, as Hurricane Ida weakened after forcing the shutdown of 1.74 million bpd of U.S. Gulf oil production ahead of the storm. The market was also pressured as OPEC+ looked set to proceed with a planned oil o ...
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Heating Oil
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Oil market traded higher on Friday despite energy companies shutting in production
August 30, 2021
Recap: The oil market on Friday continued to trend higher after it posted an inside trading day on Thursday. The market remained well supported as energy companies shut in production in the Gulf of Mexico ahead of Hurricane Ida, which was forecast to be at least a Category 3 or ...
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The EIA reported that the four week average of U.S. total product supplied increased to nearly 21 million bpd
August 26, 2021
Recap: On Wednesday, the oil market steadied following its sharp gains over the past couple of sessions on the news that Mexico was set to resume its shut in production following a major outage. Mexico’s Pemex reported overnight that it expected to resume its output by August 30 ...
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The oil market rose almost 3% on Tuesday
August 25, 2021
Recap: The oil market extended Monday’s sharp gains as it rose almost 3% on Tuesday as concerns over diminishing demand eased following the FDA’s full approval of the Pfizer/BioNTech Covid-19 vaccine on Monday. Also, reports of China’s apparent success in curbing the spread of t ...
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The oil market rallied over 5% on Monday
August 24, 2021
Recap: On Monday, the oil market rallied over 5%, as the U.S. dollar weakened and the strength in the equities markets lent support to the oil complex following a seven-day losing streak. The oil market traded higher in tandem with the equities markets as investor concerns that ...
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