Fuel prices were a roller coaster this week, soaring and sinking and soaring again. The market was turned upside down last week by freezing weather in Texas, one of America’s most important hubs for production and refining. Crude fields stopped pumping, and refineries shut off their operations quickly, making restarts difficult. At the same time, […]
Oil prices climbed to yet another high yesterday as the broader financial market moved higher. The Fed assured the market that low interest rates would continue, alleviating concerns of inflation and lower prices. Jobless claims also fell, providing comfort that the US economy remains on the right track. As phrases like “double-dip recession” and “bubble” […]
Oil prices experienced some dramatic swings yesterday, soaring to multi-year highs before plummeting to multi-week lows. WTI crude spanned a $3 range, and fuel prices fluctuated in an 6-cent range before settling near the previous day’s closing price. Although those ranges are not abnormal, the rapid changes from high to low and back to middle […]
Oil at $75 a Barrel by Summer? Goldman Sachs raised its estimates for oil prices on Monday, projecting that Brent crude can rise to $75 a barrel in the third quarter on increasing demand and a slow rebound in supply. That price — which is well above the projections of most other analysts — would […]
Although the market is down this morning, there’s a general bullish sentiment surrounding the market. First and foremost, new COVID cases are plummeting thanks to careful health practices and vaccine distribution. Daily new cases are now less than a quarter of their January peak, and daily deaths are beginning to fall as well. The same […]
After a week of winter storms across the country, temperatures and markets are normalizing in most areas. The frigid temperatures early last week impacted fueling infrastructure and caused massive power outages across Texas. Over the weekend, crews made progress clearing more roads allowing fuel carriers in the region to get caught up on backlogged deliveries. Mansfield is moving […]
Oil markets are sinking lower today, breaking from the sharp rally experienced over the past few days. Of course, warmer weather in Texas will allow oil production and refining to eventually return to normal. Crude production will resume sooner than refining, which will send crude prices lower and propel crack spreads higher. Gulf Coast refiners […]
The week was a short one for oil markets, with traders coming off a long weekened due to President’s Day. Crude oil managed to eke out small gains, but most of the midweek rally faded on Thursday as weather conditions improved in Texas and the US offered talks with Iran. The bullish EIA report was […]
Gulf Coast and Midwest states continue dealing with the devastating impacts of recent winter weather, with Winter Storm Viola adding ice and snow in the Texas region. That weather pattern is now moving northeast, bringing snowfall into the Ohio Valley region through New England. NOAA estimates that nearly three-quarters of the continental US is covered […]
Oil prices continue climbing as the Texas market suffers from wintery weather and devastating power outages. Crude production outages are now over 4 million barrels per day – roughly 40% of US oil production. Given America’s status as an oil exporter, the outage will have international repercussions. Originally expected to last mere days, analysts now […]
