Yesterday, oil prices continued to rise over 4% despite an unexpected crude inventory hike. Investors are buying the dip, capitalizing on low prices in the hopes that prices will continue their march higher over the next few months. Rising prices are somewhat counter-intuitive, given yesterday’s bearish inventory data. Crude oil inventory levels rose Wednesday for […]
Oil prices bounced back, with crude oil climbing $1.60 yesterday and fuel prices seeing 5 cent gains. The major swings this week have been the result of old news – COVID case rates, OPEC production, and climbing demand. Even old news, though, can significantly drive prices. While the dominant narrative this year has been strong […]
Today, oil prices continue to rise over 4% despite an unexpected crude inventory hike. Investors are buying the dip, capitalizing on low prices in the hopes that prices will continue their march higher over the next few months. Rising prices are somewhat counter-intuitive, given yesterday’s bearish inventory data. Crude oil inventory levels rose Wednesday for […]
Oil-Price Swoon Spurs Traders to Bet on Further Declines Bets that oil investors made in options markets help explain why crude prices fell so sharply on Monday, and show that traders are bracing for prices to lurch lower once more. U.S. crude prices swooned in tandem with stocks and other industrial commodities to start the […]
The fuel driver shortage continues to deepen as high summer demand keeps markets stretched thin. Yesterday, the State of South Dakota – far removed from the normal threats of hurricanes and refinery outages – declared a state of emergency for petroleum deliveries. South Dakota Governor Noem waived federal hours of service requirements for fuel truck […]
On Monday, we saw the most significant single-day drop in oil prices in 10 months. Many analysts suggest this has to do with the fear that new coronavirus variants will again bring a pause to travel, in turn heavily impacting fuel demand. Today prices fell again, with crude opening at $66.60. This was the lowest […]
Today, the oil market enters a new week with brand new decisions being reached over the weekend by OPEC+. The group of 24 oil-producing nations and their ministers agreed on Sunday to boost oil supply starting in August, in hopes of putting a damper on oil prices that recently reached 2 ½ year highs. This […]
This week brought a sharp break from rising oil prices, with crude oil shedding several dollars from its lofty prices. Saudi Arabia and the UAE’s compromise on Wednesday paved the way for OPEC+ to begin hiking their output each month, bringing markets closer to balance. Even with the agreement, though, some forecasters are still calling […]
This morning prices continued to fall while posting some of their lowest opening numbers of the week. Crude this morning opened at $72.96, diesel at $2.1379, and gasoline at $2.2926. The agreement between Saudi Arabia and the United Arab Emirates (UAE) is helping to weaken the oil rally, since it will provide more supply each […]
Oil prices drop after Saudi-UAE reach output compromise Oil prices dropped on Wednesday after Reuters reported that Saudi Arabia and the United Arab Emirates had reached a compromise over a global supply deal that will allow the UAE to boost its output. The deal between the two Gulf producers means that members of the Petroleum […]
