The petroleum complex is seeing mixed results following Berry’s landfall, with crude trading slightly higher while fuel prices drop. Crude oil is trading flat at $60.24, hardly moved from Friday’s close. Fuel prices are generally lower this morning, though with uneven downside results. Diesel is currently trading at $1.9678, a loss of 1.2 cents since […]
Oil remains steady as we head into the weekend, with markets still resting after Wednesday’s huge gains. Crude oil is trading just slightly higher, at $60.42 after 22 cent gains. Fuel prices are mixed, with diesel tracking crude while gasoline falls. Diesel is trading at $1.9799, flat with yesterday’s close. Gasoline is trading 1.1 cents […]
This week the big 3 monthly oil reports were released, though their impact on the market was moderate at best. The EIA’s Short-Term Energy Outlook upped US production targets to 12.4 MMbpd this year and maintained next year’s 13.3 MMbpd forecast; however, the agency reduced 2019 global oil demand averages by 200 kbpd. Demand reductions […]
Crude closed yesterday with hefty gains of $2.60/bbl thanks to a strongly bullish EIA and, to a lesser extent, production shutdowns along the Gulf Coast in anticipation of Tropical Storm (or potentially Hurricane) Berry. Crude oil this morning is trading steady at $60.51. Fuel prices are moving lower as refiners increase their output and alleviate […]
History has shown that natural disasters can occur at any time with devastating effects. Recent destruction from both Hurricane Harvey in Texas and Louisiana and Hurricane Irma in Florida caused widespread outages in the Southeast. Not only was fuel supply disrupted, but the entire supply chain across the U.S. felt the impact. Panic buying lay […]
Prices are trading strongly higher this morning following supportive data from the API. Markets have been relatively flat all week, so today’s breakout higher is the first sign of clear market direction. Crude oil is currently trading at $59.37, up $1.54 (2.7%). Fuel prices are also strongly in the black. Diesel is trading at $1.9643, […]
Philadelphia refinery shutdown will change Northeast fuel supply patterns Over the last 15 years, Northeast refining capacity has fallen from a high near 1.7 MMbpd down to just 0.9 MMbpd now that the PES refinery has closed its doors. The East Coast consumes over 1/3 of America’s combined gasoline and diesel supplies, but has very […]
Since dropping sharply on July 2, oil markets have been floating fairly steady – it seems without a trade war update or new missile strikes, the more mundane news of the day just isn’t exciting enough to spark movement. Crude oil is currently trading at $57.53, down a few cents from Monday’s close. Fuel seems […]
Coming off a long holiday weekend, crude oil prices are flat to higher as traders await more directional news. Crude oil started off with light gains this morning, and currently WTI prices are trading at $58.04, a 53 cent increase. Fuel prices are mixed, with gasoline taking the larger losses. Diesel prices are trading flat […]
Oil price ‘could easily be $75’ if trade truce boosts demand, expert says The success, or failure, of trade talks between the U.S. and China will be a decisive factor in the oil price outlook this year, despite OPEC’s decision to extend production cuts, oil market expert Amrita Sen told CNBC on Tuesday. “China (demand […]
