Crude Oil Oil soared more than 5% on Thursday after Iran shot down a U.S. military drone, raising fears of a military confrontation between Tehran and Washington. Brent crude futures rose $ 2.63 to settle at $64.45 a barrel. WTI crude futures rose $ 2.89 to settle at $56.65 a barrel. Expectations that the U.S. Federal Reserve could cut interest rates at its next meeting also supported prices. Brent’s premium over WTI narrowed to its…
Read MoreCrude Oil Oil futures were mostly steady on Wednesday as price support from a larger than expected decline in U.S. crude inventories was countered by a lull in equities. Brent crude futures settled at $61.82 a barrel, shedding 32 cents. WTI crude futures fell 14 cents to settle at $53.76 a barrel. Oil prices briefly turned positive after the EIA report. A nearly flat day on Wall Street however, limited oil prices, which often follow…
Read MoreBelow is an ongoing chart of the next month’s margins. This is based on Some standard product profile for a Hydro-Skimming and Cracking Refineries First full month crack value, i.e. for the month of May 19, this charts the refining margin basis some fair values for cracks for June 19. We can see that the margin for a hydroskimming refinery has dropped below $ 3 / bbl for the first time in the last 6…
Read MoreCrude Oil Oil prices rose more than $1 a barrel on Tuesday after news that China and the United States were resuming trade talks. Brent crude futures lost $1.20 to settle at $62.14 a barrel. WTI crude futures rose $ 1.97 to settle at $53.90 a barrel. China confirmed its get together with US next week at the G20 in Japan. Fears of a confrontation between Iran and the United States have been downplayed by…
Read MoreSukrit Vijayakar, an analyst at Trifecta Consultants, told UPI that, with Trump concerned about economic growth and his re-election chances, he “appears to be willing to take any step he believes is likely to be necessary for capping the rise in oil prices.
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