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 U.S. energy firms added the most oil and natural gas rigs in a week since January

December 14, 2020
Recap: Oil futures ended lower on Friday, but gained for the fifth straight week, as traders remain hopeful over the progress on the vaccines for the COVID-19 virus. Signs of strong demand out of Asia and other areas also gave strength to the market. Underlying fundamentals are m ... Read More
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WTI traded above $47 a barrel and Brent broke above $50 a barrel on Tuesday

December 11, 2020
Recap: After failing to find downside momentum off of yesterday’s EIA report, oil futures quickly rebounded, with WTI trading above $47 a barrel and Brent breaking above $50 a barrel on Tuesday. This is a significant development in the oil markets, as traders shook off yesterday’ ... Read More
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There was a 15 million barrel increase in U.S. crude oil inventories

December 10, 2020
Recap: Oil futures posted modest losses on Wednesday despite the more than 15 million barrel increase in U.S. crude oil inventories. The modest reaction to the huge stockpile build has been attributed to the sharp rise in crude oil imports, which increased by 2.7 million barrels ... Read More
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U.S. inventory numbers are expected to show a decline in crude oil stockpiles and a build in refined products

December 9, 2020
Recap: Oil futures mostly lower on Tuesday, as the number of rising COVID-19 cases overshadowed optimism tied to a number of vaccines, which are already being administered in the UK. Despite the recent rise in oil prices, the spread of the virus has led to renewed lockdowns, caus ... Read More
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Oil futures pulled back from a nine month high on Monday

December 8, 2020
Recap: Oil futures pulled back from a nine month high on Monday, as the number of coronavirus cases continue to surge and as tensions between China and the U.S. intensifies. Demand for oil remains well below seasonal norms, as COVID-19 continues to force lockdowns across the glob ... Read More
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All three major petroleum futures contracts on NYMEX finished the trading session higher Friday

December 7, 2020
Recap: Not only did all three major petroleum futures contracts on NYMEX finish the trading session higher Friday, they also posted their fifth consecutive weekly gain. Despite the current surging hospitalization and death rate due to Covid in the United States, oil traders seeme ... Read More
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OPEC+ agreed to gradually increase crude production starting in January

December 4, 2020
Recap: Oil futures continued to trend higher on Thursday despite OPEC+ agreeing to gradually increase crude production starting in January. This contradicts earlier expectations for an extension of current output cuts. OPEC and its allies have agreed to increase production by 500 ... Read More
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The EIA reported a second weekly drop in U.S. crude inventories

December 3, 2020
Recap: Oil futures, which received an early boost in overnight trading on reports the UK had approved the use of a vaccine for COVID-19, rallied after the EIA reported a second weekly drop in U.S. crude inventories. Traders also placed bets that OPEC+ would extend production cuts ... Read More
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Oil futures fell on Tuesday after OPEC+ decided to postpone the second day of its meeting

December 2, 2020
Recap: Oil futures fell on Tuesday after OPEC+ decided to postpone the second day of its meeting to December 3. According to recent reports, Saudi Arabia continues to push for a three-month extension of current production cuts. However, other OPEC+ members want to gradually incre ... Read More
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OPEC members reached a consensus on the need to extend production cuts

December 1, 2020
Recap: Oil futures made an attempt to trade to the downside, but reversed course after OPEC members reached a consensus on the need to extend production cuts for the first quarter of 2021 if their allies also consent to such a move. OPEC members believe that such an extension wil ... Read More
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