Bank of America has raised their forecast again, saying Brent crude could hit $120 bu the end of June. This exceeds the majority of other major bank forecasts. Goldman Sachs recently updated their forecast as well, noting upside risk to their $90/bbl oil forecast. Goldman reported that up to 1 million barrels per day of […]
This morning, oil prices rose over 2% ahead of the awaited OPEC+ meeting scheduled for later today. The expectation is that OPEC+ will continue its slow output increases, even though many world powers are calling for more. Today crude oil opened at $80.18, diesel at $2.4171, and gasoline at $2.3320. While most meetings address multiple […]
Although considered a top-secret project, the “Mexico Hedge” seems to be underway. For over a decade, Mexico has hedged its oil production revenue, purchasing options that give them the right to sell at a certain price. Details of the hedge are a state secret to prevent traders from manipulating prices, though the pricing effects are […]
Oil down after API data shows U.S. inventory build-up Oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world’s largest oil consumer, and as pressure mounted on OPEC to increase supply. Brent crude futures were down $2.20, or 2.6%, at […]
Natural Gas News – November 2, 2021 Natural Gas Prices Could Soar Even Higher As Europe Braces For A Cold Win As Europe enters the heating season with natural gas inventories at the lowest level in a decade, policymakers, consumers, and industries are left at the mercy of the weather, hoping for a mild winter […]
After retreating last week, oil prices rebounded yesterday, coming just shy of last week’s multi-year high. This morning, markets are relaxing a bit, though there are still plenty of positive catalysts for prices. Bank of America now expects Brent crude to hit $120 by the end of June, exceeding the forecasts of other major banks. […]
While the world has been struggling to find enough crude oil to meet burgeoning demand, it seems some help could be coming from Canadian producers. Marathon Pipelines LLC is in the final stages of reversing its Capline pipeline, which runs from the Gulf Coast up to the Chicago, IL region. This pipeline flow will be […]
