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An Unseasonable Fall in the Oil Complex

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Pressured by hard data confirming that OPEC increased production in October, oil prices slid again on Friday to reach new, two-month lows. As prices moved higher in the month of October, OPEC members were generally increasing their production levels. October's estimated production from the group was significantly higher than what the 'Call' on OPEC oil will be in Calendar Year 2017 (i.e. the "Call" is what experts estimate OPEC will have to produce to keep the world in balance). Read more

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Today's Fuel Market Report

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Markets were fairly quiet on Tuesday, as many still had their eyes on political spheres, both nationally and locally. After a heavy few days of energy news, topics such as the Colonial Pipeline, OPEC, and refinery issues faded. Futures spent most of the day oscillating on either side of Monday's settle. As a result, yesterday's settles were not too far from those the prior day. Read more

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Market Reacts to Pipeline Explosion

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Colonial Pipeline has shut its two main product lines in rural Alabama after an incident on yesterday afternoon that breached the gasoline pipeline. Several injuries were reported, with, regrettably, one fatality, and a 30-acre forest fire ensued after the explosion. Response crews have built an earthen dam to control the burning fuel. Ironically, the breach occurred a few miles from the pipeline leak in September, but is on the same pipeline (the gasoline line, or "Line 1"). The September leak and yesterday's explosion appear to be unrelated, however. Read more

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Oil Markets Settle with a Sigh

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The oil market ended its softest price week of the month on another down note. It shifted lower as the day progressed, on continued worries that OPEC and non-OPEC members will not agree (or adhere) to production cuts in the coming weeks and months. December WTI ended the day down a full dollar (down almost two dollars for the week), and settled at $48.70, the lowest prompt WTI settle this month. Read more

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Today's Fuel Market Report: A Bit of a Balancing Act

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Oil prices edged higher on Thursday, closing higher for the first time this week on news of yet another OPEC-related headline that indicated several key members of the cartel have voiced support of a production cut. If these reported headlines and rumors have become tiresome, it further highlights the uncertainty and unintended comedy in the market. Read more

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Today's Fuel Market Report

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In a session yet again marked by high trading volume and low trading range, prices ebbed lower on Tuesday and the prompt WTI contract settling below $50 for the first time in the week. Even with this settle (WTI was down 56-cents on the day), the market is still in "wait and see" mode on next month's official OPEC meeting. Read more

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Today's Fuel Market Report

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Oil prices ended a moderately strong week on an up note. The newly prompt December WTI contract gained 42-cents (settling $50.85) and kept the market's status quo for the past few weeks. Read more

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Today's Fuel Market & DOE Report Summary

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Wednesday's price action continued to follow through from the strength seen over the past week. Markets started the day stronger, following Tuesday night's API report, which showed a 3.8 million bbl draw of crude oil. Although the products were mixed, distillate drew and gasoline built, the overall signal was bullish as the crude oil draw pulled the market higher overnight Tuesday and into Wednesday morning. Read more

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Oil Prices Trending Up in Time for Fall

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The recent upward oil market took a slight breather on Friday, as the market eased off the gas pedal following a week long run that saw the front month WTI contract gain over six dollars per barrel. Thursday saw WTI settle over $50 for the first time in over two months, and although the market dipped back below that on Friday, the trend certainly continues to point towards the upside. Aside from the bullish overtones from last week's OPEC meeting, the oil market is also being supported by an extremely strong diesel market (NYMEX Heating Oil), as fall harvest season is in full swing (upping distillate demand). Read more

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Market Surges Above $50 Mark

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Front month WTI traded to and settled above $50 for the first time in more than two months on Thursday, continuing the market's momentum that began after last week's special OPEC summit in Algeria. A couple of bullish inventory summaries have also added fuel (pun intended) to the fervor, and even some stiff resistance just below $50 (seen on Wednesday) could not prevent a push through this figure. Read more

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