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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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OPEC+ could not reach an agreement on Monday as to whether or not to increase output in February
January 5, 2021
Recap: After rising to multi-month highs, crude oil prices slipped to finish the first trading day of the year 1% lower on the day after OPEC+ could not reach an agreement on Monday as to whether or not to increase output in February, but agreed to meet again on Tuesday. The S&P ...
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Both Brent and WTI have more than doubled from April’s record lows
January 4, 2021
Recap: The last day of trading for crude oil futures was a choppy one, with both benchmarks posting modest session gains. Thursday’s session culminates what was a chaotic year, as the COVID-19 pandemic wreaked havoc across the globe. Although both Brent and WTI have more than dou ...
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Oil futures gained traction for the second straight session
December 31, 2020
Recap: Oil futures gained traction for the second straight session, supported by a larger than expected draw in U.S. crude oil inventories and the roll out of coronavirus vaccines. However, gains were kept at bay by an abundance of supply amid faltering demand. Apart from this, t ...
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Oil futures climbed on Tuesday in a lightly traded market
December 30, 2020
Recap: Oil futures climbed on Tuesday in a lightly traded market, as traders grew more optimistic over another round of economic stimulus by U.S. law makers, which may help boost demand and spur the economy. WTI for February delivery gained 38 cents, or 0.8%, to settle at $48 a b ...
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IIR Energy reported that U.S. oil refiners are expected to shut in 3.6 million bpd of capacity
December 29, 2020
Recap: After opening unchanged, oil futures jumped following President Trump’s decision to sign legislation that includes $900 billion in aid to consumers and small businesses. However, the early run up faded as traders worried that an expected holiday spike in COVID-19 cases wou ...
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ADNOC eased supply cuts in line with an OPEC+ agreement to increase production by 500,000 bpd
December 28, 2020
Fundamental News: Abu Dhabi National Oil Company has kept crude supply reductions to term customers in Asia mostly steady in February versus January. ADNOC notified its customers that their February term supplies for Murban and Das crude will be reduced by 18% to 20% while Umm ...
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Oil futures rose after EIA showed draws in U.S. inventories
December 24, 2020
Recap: Oil futures rose sharply on Wednesday after the EIA showed draws across the board in U.S. inventories. While inventories for crude oil showed a smaller than expected decline, stockpiles for gasoline and distillates fell more than expected, raising trader’s hopes that dema ...
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OPEC and other major producers are set to increase output by 500,000 barrels per day starting in January
December 23, 2020
Recap: Oil futures ended lower on Tuesday, marking the second straight day of losses, as a new strain of COVID-19 reignited concerns over demand and a global economic recovery. Due to the discovery of the mutation in the UK, several countries have closed their borders with Great ...
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Oil futures slipped on Monday
December 22, 2020
Recap: Oil futures slipped on Monday amid fears that the new strain of COVID-19 found in the UK will put additional pressure on demand. Several countries have already closed their borders to British travelers, and at this point, a lot depends on whether or not the new strain will ...
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Oil futures settled at their highest level since February
December 21, 2020
Recap: Oil futures settled at their highest level since February, gaining for the seventh week in a row, as the vaccine rollout for COVID-19 continues and on heightened optimism that U.S. lawmakers would reach an economic relief package. Approval for Moderna’s vaccine is nearing ...
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