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.

Fuel demand worldwide slumped about 30% in April

May 1, 2020
Recap: After what was perhaps the most volatile month in the history of oil trading, April culminated in oil prices paring losses, as production cuts among some major producers eased concern over a global supply glut amid shrinking storage. With oversupply woes slowly easing and ... Read More
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U.S. oil futures surged by more than 20% on Wednesday

April 30, 2020
Recap: U.S. oil futures surged by more than 20% on Wednesday after government data showed a smaller than expected build in U.S. crude stockpiles and a surprise draw in gasoline inventories. Oil prices were also lifted by hopes for a rebound in demand, as some countries begin to e ... Read More
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Oil futures were mixed on Tuesday

April 29, 2020
Recap: Oil futures were mixed on Tuesday, with Brent gaining support as some governments announced the easing of coronavirus related restrictions and WTI falling as U.S. stockpile rise toward record highs amid tightening storage and waning demand. June WTI gave up early gains spa ... Read More
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Oil producers cut the number of rigs in the U.S. and Canada

April 27, 2020
Recap: Oil prices rose on Friday as oil producers cut the number of rigs in the U.S. and Canada. However, both Brent and WTI fell for third straight week as global production shutdowns failed to keep pace with the collapse in demand caused by the coronavirus pandemic. Market part ... Read More
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Oil futures extended their rally on Thursday

April 24, 2020
Recap: Oil futures extended their rally on Thursday as proposed production cuts by OPEC+ began to take hold as tensions between the U.S. and Iran heat up. Oil prices have succumbed to tremendous pressure caused by depletion in demand due to Covid19 and a flooding of the market by ... Read More
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A smaller than expected build in U.S. gasoline stocks lifted RBOB prices

April 23, 2020
Recap: Oil futures rebounded on Wednesday as tensions between the U.S. and Iran heat up and declines in U.S. crude output sparked a rebound from a 21-year low and as a smaller than expected build in U.S. gasoline stocks lifted RBOB prices. President Trump tweeted that he has “ins ... Read More
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Expectations the U.S. and global oil storage capacity will fill up over the next several weeks has fueled volatility for prices

April 22, 2020
Recap: May WTI rebounded on Tuesday, its expiration day, from an unprecedented negative settlement a day earlier as prices for the new front-month June contract lost 43%. Expectations the U.S. and global oil storage capacity will fill up over the next several weeks has fueled vol ... Read More
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The expiring May WTI contract reached historical levels on Monday

April 21, 2020
Recap: The expiring May WTI contract reached historical levels on Monday, plunging deep into negative territory, as the economic crisis, sparked by the coronavirus pandemic, continued to eat away at demand. With storage space near depletion, and nowhere to store excess supplies, ... Read More
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U.S. oil futures dropped to their lowest level since early 2002

April 20, 2020
Recap: Oil futures were mixed on Friday, with Brent holding onto modest gains and WTI falling to its lowest level in 18 years, in part due to the expiration of the May contract. However, long dated futures contracts were also down as supplies in the U.S. continue to overwhelm dem ... Read More
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OPEC cut its 2020 demand forecast by 6.9 million barrels per day

April 17, 2020
Recap: After trading higher early in the session, oil futures turned lower after OPEC cut its 2020 demand forecast by 6.9 million barrels per day. That reflects a contraction in demand of 12 million barrels a day in the current quarter, with April bearing the brunt with a 20 mill ... Read More
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