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 […]
Natural Gas News – January 12, 2021 Permian Basin natural gas pipeline goes into service, connects to markets on Gulf Coast On Friday, the Export-Import Bank of the United States (EXIM) announced the signing of two final agreements for a historic supply chain transaction– including the first-ever use of a funder guarantee structure– that will […]
Crude closed up only a penny yesterday but is hitting 11-month highs this morning. The continuation of last weeks’ rally based upon voluntary production cuts from Saudi Arabia and a weaker dollar is helping to lift markets. In addition, the easing of coronavirus restrictions and the ensuing uptick in travel and economic activity along with […]
Oil prices are retreating after Friday’s lofty gains propelled the product above $52/bbl. WTI’s rally will be an interesting test for US shale producers, who made steep cuts in 2020 to stay in business. Normally, $50/bbl would be a tantalizing opportunity to layer in additional profitable production for the next year, spurring shale companies to […]
It’s certainly been a crazy week, filled with headlines with direct implications for oil fundamentals. This week brought a major oil production announcement, a political shift in the US Senate, and violent protests at the US Capitol. Let’s break down some of the top headlines this week and the impact on oil 1. Saudis Announce […]
