Storm Alert – Hurricane Ida – Code Red Damage assessments remain underway in the Louisiana and Mississippi markets. Power is still offline for many residents, and refineries are still down. Fuel concerns are beginning to spread outside the region due to tight carrier capacity and lack of refinery supply. Two days after the storm, recovery efforts […]
Although the morning opened with a steep selloff, prices have recovered most of those losses. Prices leaped higher as Hurricane Ida approached the Gulf Coast, but gains are subsiding slowly. After dropping $1/bbl this morning, crude oil has narrowed losses to just 30 cents, while fuel prices are less than 2 cents down. Although refinery […]
Hurricane Ida has left its mark on the southeast after making landfall Sunday. When the category four hurricane hit Louisiana, fuel markets were sure to be disrupted as it crushed through towns with winds of 150 mph. On Sunday, New Orleans was left without power as the storm passed through, creating problems for refineries in […]
Hurricane Ida made landfall yesterday near Port Fourchon as a Category 4 Hurricane, among the strongest storms ever to hit the US. The storm brought intense storm surges and is expected to dump up to two feet of rain. Traveling further inland now, Hurricane Ida has weakened to tropical storm strength. With wind forces so […]
Trouble in Afghanistan. It is something that for the past 20 years we have heard time and time again ever since the United States first responded to 9/11 by invading the region. Since then, peace has been a word far removed from both sides’ vocabulary. Even when eventually deciding to pull out of Afghanistan, 13 […]
This morning crude oil saw prices fall for the first day this week, and some oil production is returning to the market. Mexico has specifically ramped up its oil production this week following an incident Sunday, shifting market trends. This morning crude oil opened at $68.00, diesel at $2.1160, and gasoline at $2.2913. The Energy […]
After crude oil gained $2/bbl yesterday, prices are trading flat this morning as the market awaits updated inventory data from the EIA. Gasoline prices are taking the lead today, posting another 3.5 cent gain given positive inventory trends and continued optimism related to the FDA’s approval of Pfizer’s vaccine. The API’s inventory numbers were unenthusiastic, […]
Oil steadies near $71 after two-day rally Oil prices steadied near $71 a barrel, taking a breather after a strong rally in recent days as Mexico was set to resume crude production following a major outage. Brent crude was up 14 cents, or 0.2%, to $71.19 a barrel by 1028 GMT, reversing earlier losses. U.S. […]
Across the board, financial markets are responding favorably to the FDA approval of Pfizer’s COVID vaccine. Health experts believe the decision will instill confidence for those hesitant about getting the jab, increasing vaccination rates in the US and abroad. Moreover, China reported no new COVID cases yesterday for the first time in a month, another […]
This morning crude opened at $61.96, the lowest price since May; however, prices began rebounding later in the morning on a weaker US dollar and short-covering. Similar to crude oil this morning, diesel also opened at a multi-month low of $1.8970 and gasoline opened at $2.0101 to start off the week. The US Dollar has […]
