Oil prices are continuing yesterday’s rally, with all eyes looking towards the Inauguration Ceremony in Washington DC. Traders continue hoping for stimulus to lift economic prospects. Treasury Secretary Nominee Janet Yellen, former chair of the Federal Reserve, stated yesterday that Congress should “act big” in its legislation. Yellen argued that low interest rates would keep […]
Saudi’s oil cuts appear prophetic as market risks grow For Saudi Arabia, bad news in the oil market has rarely been such a vindication. Two weeks ago, the world’s biggest crude exporter stunned energy traders by announcing that — rather than restore halted production as planned — it would slash supplies by a further 1 […]
Coming off a long holiday weekend, oil markets are moving moderately higher. Traders are expecting the in-coming Biden administration to act quickly to pass its proposed $1.9 trillion stimulus bill, which would facilitate faster distribution of a vaccine while putting money in people’s hands to spend immediately. Along with stimulus legislation, Biden is expected to […]
Natural Gas News – January 19, 2021 Proposals to prohibit natural gas bans may threaten cities’ clean energy goals Kansas and Missouri may become the next states to block cities from banning natural gas, with hearings on legislation in both states expected soon. Although natural gas bans at this point are more of a coastal […]
Oil climbed once again to a new high yesterday, settling over $53.50/bbl as the market rally continues. This morning, prices are tumbling lower as traders take in their profits and lockdowns continue to be implemented. Fuel buyers are also beginning to feel some of the pre-COVID price pain, with both diesel and gasoline setting their […]
WTI crude started the week lower after last week’s news of voluntary supply cuts from Saudi Arabia had sparked a rally. Vaccine news began this multi-week rally in earnest back in November, and the market marched steadily higher each week, supported by a weaker dollar until recently. The $1.9 Trillion economic stimulus package announced by […]
Natural Gas News – January 14, 2021 New catalyst can make natural gas burn cleaner Natural gas is the cleanest traditional fossil fuel source because it produces relatively low amounts of pollutants like carbon dioxide — a potent greenhouse gas and major contributor to climate change. But greenhouse gases and pollutants released by burning natural […]
WTI crude closed lower yesterday on news of a growing number of coronavirus cases in China and more stringent lockdown measures and restrictions in Europe. The market continues to feel downward pressure as the EIA reports builds in products from last week. In the EIA Short Term Energy Outlook (STEO) for January, the EIA forecasts […]
On Tuesday, WTI crude closed higher as the vaccine rollout continues and hopes for another round of economic stimulus in the US grows. The market is giving back some of those gain this morning even in the face of favorable inventory news from the API. The rally that the market has been on began in […]
Oil prices rise to near 1-year highs on vaccines, stimulus, and Saudi Arabian production cuts Oil prices rose on Wednesday to close to 1-year highs, as data hinted at stronger demand, while more stimulus and production cuts brightened the outlook. It is a remarkable turnaround for oil prices, after demand tanked during the first wave […]
