OPEC

The Past Week, In A Nutshell What Happened: “It’s certainly been a wild ride for stocks in 2020,” noted researchers at LPL Financial. “Barely past the halfway point, the year has already brought the worst pandemic to hit the U.S. in over 100 years, an unprecedented...

Good news for tanker rates: Port congestion is on the rise, particularly in China. Floating storage is down from its peak, but there's a very long way to go before all those cargoes are unloaded. And on the tanker supply side of the equation, surging congestion in China is offsetting declines in...

(Thursday Market Open) Is this rally running out of steam? More catalysts might be needed to sustain the positive flow, but most of the news this morning is negative. That includes reports of spiking virus caseloads in parts of the U.S. and a bearish initial jobless claims report. It goes back to...

Oil futures were trading higher Monday after the Organization of Petroleum Exporting Countries and its allies met by videoconference call on Saturday and agreed to extend the 9.7-million-barrel-per-day production cuts through July. Capital Economics says the Saturday conference was...

The Organization of Petroleum Exporting Countries and its allies on Saturday agreed to extend the 9.7 million barrels per day production cuts through July. What Happened The OPEC+ countries had agreed in April to make the highest supply cuts in history for the months of May and June as the...

The Past Week, In A Nutshell What Happened: “The bulk of [recent] gains came in the leisure and hospitality sectors, which makes sense because you saw a lot of areas reopening restaurants in May,” said Shawn Cruz, manager of trader strategy at TD Ameritrade. “It just shows how...

Good day, OPEC and non-OPEC countries are looking to convene and decide the extension of their oil output cuts, which will help strengthen oil prices that have been climbing steadily since their April lows. Major oil powers Saudi Arabia and Russia are reportedly supporting a one-month extension of...

The recent crash in oil demand brought prices below zero in April as storage for the commodity ran out, but this issue is expected to be a short-term one. “It is clear that the extremely fast decline in supply of 3.5-4.5m bl/day in the U.S. and Canada has helped to balance the market,”...

Good day, Tires remain the top maintenance cost for most fleets, as they have for many years. Most experts agree that the best way to reduce tire costs is to ensure they are properly inflated, that drivers are performing proper checks, and that tires are maintained and replaced as needed....

It's not even Wednesday and it's fair to say oil futures and the related exchange traded products are having wild weeks. At this writing Tuesday, the popular United States Oil Fund (NYSE: USO) is lower by almost 30%. USO, which tracks front month West Texas Intermediate (WTI) futures, but...

A few things will go back to "normal" once the COVID-19 pandemic is under control, but somethings may not. The U.S. shale oil industry is one of them. The shale oil industry had been on the rise and it appeared there was very little that could derail it. Innovation and technology drove...

There's a scene in "The Godfather: Part III" in which Michael Corleone is in the middle of an argument between his nephew Vincent and a Mafia chieftain named Joey Zasa. Michael wants no part of it and declares in frustration: "What does all this have to do with me?" If you're in the trucking...

It came like a bolt out of the blue, a sudden gusher that spiked beaten-down crude prices nearly 25% in a single day and put Energy stocks into greener pastures for the first time in weeks. The oil shock was a tweet from President Trump on the morning of April 2. He said he’d spoken to the...

Oil prices are expected to make a sharp V-shaped rebound in the second half of 2020, but the sentiment is muted but for now as the COVID-19 pandemic continues to spread, according to one analyst.  Last week, the Organization of the Petroleum Exporting Countries plus group, which includes...

Good day, The large-scale closure of restaurants, factories, storefronts and mines has hit the U.S. economy severely, as people reduced their retail spending by a seasonally adjusted 8.7% in March month-on-month, making it the biggest decline in records going back to 1992. Sales at clothing stores...