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Oil prices plunge after the EIA reports U.S. crude inventories rose unexpectedly last week while gasoline and distillate stockpiles built more than expected; WTI -3.5% to $51.61/bbl, Brent -2.4% to $60.48/bbl. More news on: Energy Select Sector SPDR ETF, Exxon Mobil Corporation,...
Over the last month, shares of the United States 12 Month Oil ETF ( USL ) have fallen by 15%. This drop has been accentuated in recent days in what seems to be an ever-increasing selloff of growing intensity. In this piece, I will dig into the mechanics of the USL ETF as well as the underlying...
The API is reporting crude stockpiles up 3.55M barrels last week vs. expectations for nearly a 2M draw. More news on: The United States Oil ETF, LP, iPath S&P Crude Oil Total Return Index ETN, VelocityShares 3X Long Crude ETN, Energy stocks news, Stocks on the move, News on ETFs, R...
Welcome to the hoarding edition of Oil Markets Daily! Over the last 2-weeks, there have been 3 firms that came out publicly to state that PADD 3 refineries are hoarding crude. The first one came from Energy Aspects, comments below: US crude hoarding Meanwhile, US crude stocks b...
The Iranian sanctions and the heated rhetoric was not enough to overcome the concerns regarding global economic growth. In the wake of an exacerbating trade war, oil prices have tanked already. I wrote about two weeks back that these prices will enter the 50s. It fortunately did. I maintai...
Markets found themselves torn once again between supply fears and a looming economic slowdown OPEC's oil production dropped to a four-year low of 30.17 million barrels per day (bpd) in May The downward movement in oil prices last week seemed unjustified given the current strong market ...
Welcome to the EIA 914 edition of Oil Markets Daily! EIA 914 was out on Friday and US oil production increased 241k b/d in March 2019 to 11.906 mb/d. The increase came almost entirely from the Gulf of Mexico which was low in February due to maintenance. The breakdown m-o-m is as follow...
Introduction In our past EIA reports this year, we referenced the fact that the inventory data wasn't matching up to price expectations and the overall bullish sentiment conveyed by energy markets. We further stated that the data was going to have to improve or oil markets were headed for so...
Over the last month, we've seen shares in the United States Oil Fund ( USO ) fall by nearly 12% in an ever-steepening collapse in price. One week ago, I wrote a piece in which I showed how some fundamentals were indicating that a bearish decline was likely in the cards. In this piece, I will...
The price of nearby NYMEX crude oil futures rallied from lows of $42.36 to a high at $66.60 per barrel at the end of April. Brent crude oil did even better, moving from $49.96 to a high at $75.59 per barrel as the Brent-WTI spread has widened steadily since early April. The low in the energy c...
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Revenue up 28%, ARPU up 19% Year-over-Year Olo Inc. (NYSE:OLO) (“Olo” or the “Company”), a leading open SaaS platform for restaurants, today announced financial results for the second quarter ended June 30, 2024. “In Q2, Team Olo delivere...
GRUBBRR Partners with Olo to Enhance Onsite Dining Experience PR Newswire Streamlining Restaurant Operations with Integrated Self-Ordering and Payment Solutions BOCA RATON, Fla. , July 30, 2024 /PRNewswire/ -- GRUBBRR, a leading provider of self-ordering tech...