Chinese May Day Holiday: The Chinese markets opened up from a public holiday for May Day. The reopening of the Chinese market is providing some support for prices this morning as buyers come back from the hiatus. China is the largest importer for crude oil. Traders in the country would likely have jumped at the recent low prices of crude oil.

US Economic Data: The Institute for Supply Management showed yesterday that nonmanufacturing purchasing index data increased to 51.6 last month, up from 50.8 in the month prior. Recent data along with uncertainty regarding tariffs in the market is likely to force the Federal Reserve to keep interest rates unchanged in their meeting tomorrow. 

PM Carney Meets Trump: The Prime Minister of Canada is set to meet President Trump at the Oval Office today. The PM describes the meeting as a reset in the relationship between the two leaders, and the nations they represent. The outcome of the meetings have yet to be discovered, but the impacts of the meeting on automobile, steel, aluminum, and crude oil may be tangible in the United States moving forward. 

Market Overview: Markets are moving higher for petroleum products this morning, as buying supports prices of crude oil. The long time psychological support level of $60 is testing and WTI prices as of this morning are still under that level prompting buyers to take advantage of the lower price and technical signals. Keeping a lid on prices are the production headlines from OPEC+ as the cohort continues to unwind production cuts, and of course, the demand uncertainty in the global economy as it continues to understand US trade policy under Trump 2.0. 

Crude oil futures are remaining under the psychologically important $60/bbl level even with support from overnight buying. The contract had briefly tested low levels of support around the $55/bbl level in the session yesterday as well as back on 4/9/25. With headlines regarding production levels increasing in the global space, as well as global trade uncertainties, prices are being held lower despite the surprise in buying this morning. 

Petroleum futures took back losses from yesterday's session as demand for fuel and crude oil came to market with advantageous pricing. Technical signals brought buyers back as crude oil remained under $60/bbl during the session. The $60/bbl level is a psychological level that many view as a significant indicator of attractive pricing. While market participant buying propped markets up, headlines related to increased production from OPEC+ members as well as demand uncertainty weighed on potential gains. The combination of these factors supported the US Energy Information Administration (EIA) revising the short term price volatility higher, giving the expectation for markets that prices could be moving around a lot more in the short-term.