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Uh-Oh Canada!

Authored by Nick Cunningham via OilPrice.com, Oil from Canada’s oil sands is now selling at a $27-per-barrel discount relative to WTI, the sharpest difference in more than four years. Western Canada Select (WCS), a benchmark for oil from Alberta’s oil sands, has plunged in December, falling to just $30 per barrel at the end of […]


The 4 Factors Driving Next Year’s Oil Markets

Authored by Stratus Advisors, via OilPrice.com, With earnings season in full swing, we thought it helpful to outline what we are looking for in oil and gas production and refining company statements and earnings calls. Several key topics will dominate oil markets next year, and how companies are thinking about those topics now will likely […]


WTI Crude Tops $50, Breaks Above Key Technical Level

For the first time since August 10th, WTI crude is trading back above $50 (following the biggest crude inventory build in 6 months and a rebound in production last week). The gains seem driven by refinery restarts and increased IEA/OPEC demand forecasts, and improved OPEC production cut compliance. This move also follows China’s lowest crude […]


Hurricane Irma Could Destroy Oil Demand

Authored by Nick Cunningham via OilPrice.com, About half of the shuttered refining capacity along the Gulf Coast could be back up and running by Thursday, assuaging concerns about the possibility of acute gasoline shortages in much of the U.S. The disruptions of more than 4 million barrels per day of refining capacity have been cut […]


US Releases 500,000 Barrels Of Oil From Strategic Reserve As Largest US Refinery May Be Shut For 2 Weeks

The U.S. Energy Department announced on Thursday that it would release 500,000 barrels of crude oil from the US Strategic Petroleum Reserve as a result of the disruption to the US petroleum industry following Hurricane Harvey amid fears of a surge in motor fuel prices, which have been compounded by the previously reported shuttering of […]


Gasoline Prices Surge After Colonial Pipeline Shutdown, East Coast Fuel Shortages Loom

Gasoline prices have exploded higher once again this morning – topping the Maginot Line of $2.00 for the first time since July 2015 – following reports that the main conduit for fuel from the Gulf to the East Coast has been shut due to Hurricane Harvey. Motor fuel prices climbed as much as 6.6 percent […]


WTI/RBOB Algos Undecided After Gasoline Build, Production Dip

RBOB gasoline is at a 25-month high (and WTI has a $45 handle) as all attention is focused on the duration and impact of the storm (i.e. how long refineries will be closed?). Inventory and Production data this week will be of limited help to traders as it occurred before Harvey struck but API confirmed […]


25 Oil Tankers Stuck In Gulf, Unable To Offload Due To Harvey Port Closures

According to ship-tracking data compiled by Bloomberg, coupled with MarineTraffic real-time tracking, at least 25 tankers carrying almost 17 million barrels of imported crude oil are drifting near Texas and Louisiana ports, unable to offload because of closures from Tropical Storm Harvey. Source: MarineTraffic A Bloomberg further details, 20 Aframaxes, 3 VLCCs, 2 Suezmaxes are […]


“Oil Markets Roiled”: Goldman Calculates The Impact From Harvey’s “Devastation”

Oil markets were roiled, sending gasoline prices surging on Monday after Tropical Storm Harvey wreaked havoc along the Gulf Coast over the weekend, crippling Houston and its port, and knocking out numerous refineries as well as some crude production. As noted on Sunday, gasoline prices hit two-year highs as massive floods caused by the storm […]


Gasoline Spikes To 7-Month Highs After Harvey; Heating Oil, Crude Jump

The entire energy futures complex is notably higher at the open with RBOB Gasoline spiking over 4% to its highest since January amid the carnage of Hurricane Harvey. Bloomberg reports that as a result of Harvey, which was the strongest storm to hit the U.S. since 2004, some 2.26MM b/d of crude, condensate refining capacity […]


RBOB Prices Tumble, Erase Harvey-Induced Gains

Following WTI crude’s drop yesterday – apparently on reduced refinery demand due to Hurricane Harvey – RBOB gasoline is now tumbling, erasing yesterday’s Harvey-related gains, as traders realize the short-term supply disruptions are offset by significant inventories. As Bloomberg’s Poonam Goyal noted previously, a spike in gasoline prices due to Hurricane Harvey, should be short-lived […]


Big Red Flag For Crude Bulls: Chinese Oil Refining Tumbles Most In Three Years As Fuel Demand Slides

Slowly but surely, what we have claimed for the past year – that it is the demand side of the oil equation, not the supply, and especially the “Chinese wildcard” that is the critical factor in setting prices – is starting to emerge and be factored in by markets. And so, just days after we […]