Oil Kicks Off Higher After Biggest Weekly Loss Since Bank Scare
04.26.2023 By Tank Terminals - NEWS

April 26, 2023 [Bloomberg]- Oil recouped some of last week’s slump in lower-volume trading as many investors took a pause while awaiting further clues to demand.

West Texas Intermediate rose to trade near $79 a barrel, swinging in a $2.50 range during a volatile session throughout the day. Last week, the commodity experienced the biggest weekly drop since the banking crisis in March amid signs of shrinking refining margins in Asia.

“There are a lot of traders sitting on the sidelines trying to figure out a direction,” said Carley Garner a Commodity Broker and Strategist at DeCarley Trading. “Traders are looking for a dip to get into; if we hold $75, we can start making a way higher.”

Crude has wiped out nearly all of the rally seen earlier this month after the Organization of Petroleum Exporting Countries and its allies announced surprise new production cuts. Citigroup Inc. said it was taken aback by the magnitude of the pullback in Asian refining margins, which is partly attributable to the ramp up of new Middle Eastern refineries.

Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

BASF and Stolt Tankers Introduce the Low-Water Chemical Tanker Stolt Ludwigshafen During Ship Christening Ceremony
05.29.2023 - NEWS
May 29, 2023 [Stolt Neilsen]- On May 26, 2023, the new low-water inland tanker Stolt Ludwigshafen... Read More
Turkey, Iraq Seek to Boost Trade at Summit in Erbil
05.29.2023 - NEWS
May 29, 2023 [Rudaw]- Erbil on Sunday hosted the seventh Turkey-Iraq investment and trade summit,... Read More
Oil Supply won't be Affected by Stricter Price Cap Enforcement, IEA says
05.29.2023 - NEWS
May 29, 2023 [Reuters]-  “It may have some impact but countries once again reiterated that... Read More
Hedge Funds’ Ultra-Bearish Oil Bets Signal US Recession Angst
05.29.2023 - NEWS
May 29, 2023 [The Business Times]- MONEY managers who trade derivatives linked to oil and fuel p... Read More