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.

Baker Hughes reported that the number of U.S. oil drilling rigs fell by 1 to 309

March 15, 2021
Recap: It was a lackluster trading session for oil futures on Friday, as prices pulled back from Thursday’s RBOB lead rally. Strength in the U.S. dollar weighed on the market, as a fresh spike in U.S. Treasury yields sparked a risk-off move in global currencies. Despite this week ... Read More
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OPEC’s demand forecast for 2021 sees demand growth of 5.89 million barrels per day in 2021

March 12, 2021
Recap: Energy markets were dragged higher by RBOB futures, as the front-month contract settled at its highest level in 2 ½ years. Oil futures also got a boost from a revision in OPEC’s demand forecast for 2021, where in its monthly report the group said it sees demand growth of 5 ... Read More
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The EIA reported a 13.8 million barrel build in U.S. crude oil inventories

March 11, 2021
Recap: Oil futures opened Wednesday’s session trading unchanged, but by daybreak on the East Coast, April WTI was trading just below $65 a barrel. This strong technical number held up, as prices retreated after the EIA reported a 13.8 million barrel build in U.S. crude oil invent ... Read More
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Oil futures fell for the second straight day on Tuesday

March 10, 2021
Recap: Oil futures fell for the second straight day on Tuesday, as traders await the U.S. inventory numbers from both the API and the EIA. On average, analysts expect U.S. crude oil inventories to rise by 2.7 million barrels for the week ending March 5. Last week, we saw a whoppi ... Read More
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Oil futures posted early gains on Monday

March 9, 2021
Recap: Oil futures posted early gains on Monday after reports of an attack on Saudi Arabian oil facilities, but the gains were erased as it became apparent no real damage occurred. Yemen's Houthi forces fired drones and missiles at the heart of the Saudi oil industry on Sunday, i ... Read More
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Oil futures jumped to their highest settlement since 2019

March 8, 2021
Recap: Oil futures jumped to their highest settlement since 2019 on Friday following a stronger-than-expected U.S. jobs report, and extended Thursday’s gains on the decision by OPEC and its allies to keep production cuts in place through April. For the first time since October of ... Read More
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OPEC and its allies voted to rollover current production cuts to the end of April

March 5, 2021
Recap: Oil futures climbed higher on Thursday after OPEC and its allies voted to rollover current production cuts to the end of April. Saudi Arabia also extended its voluntary output cut of one million barrels a day, which was due to expire at the end of March. News of the rollov ... Read More
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Oil futures rose by almost 3% on Wednesday

March 4, 2021
Recap: Oil futures rose by almost 3% on Wednesday on talk of a potential roll over of production cuts by OPEC and its allies. Traders were hopeful that the group would decide to roll over production cuts in an effort to support prices, even after the EIA showed a whopping 21.6 mi ... Read More
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Traders were focused on rising tensions between the U.S. and Saudi Arabia.

March 3, 2021
Recap: Oil futures extended their losses on Tuesday ahead of the meeting between OPEC and its allies, where they will decide whether or not to boost production levels. Traders were also focused on rising tensions between the U.S. and Saudi Arabia. WTI settled below $60 for the fi ... Read More
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OPEC and other major producers are set to meet on March 3 and 4 to discuss production curbs

March 2, 2021
Recap: Oil futures traded higher in a mostly sideways pattern in overnight trading, but in a sign of exhaustion, fell below unchanged. Optimism over COVID-19 vaccines pushed April WTI to just below $63 a barrel, while May Brent reached toward $66 a barrel. A rise in the U.S. doll ... Read More
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