Oil prices are back on the rise after taking a brief pause yesterday, with WTI crude oil trading within striking distance of $83/bbl. The high-water mark is $84.65, which was the closing price on October 26, 2021. Beyond that price, we’d have to look back to October 2014 for comparably high prices – back when […]
Fuel prices continue rising to new heights, with WTI crude nearing $80/bbl and diesel coming within a few pennies of $2.50 per gallon. The recent gains may feel a bit like the January Effect, which postulates that markets are re-buying positions sold in December for tax reasons. However, there are reasons to believe the rally […]
This morning, fuel prices climbed to two-month highs, reversing December’s Omicron sell-off. Diesel fuel prices are back above $2.40 per gallon at a wholesale level, while gasoline briefly surpassed $2.30. Central Asian instability and declining fears of Omicron are pushing prices higher this week, while the EIA’s inventory report provides headwinds. Political instability in Kazakhstan, […]
Diesel exhaust fluid is a critical component of every fuel program. Required since 2010 for on-road fleets and since 2015 for off-road fleets, most modern fleets require DEF to remain mobile. Yet a severe, worldwide shortage has spurred severe supply chain challenges. Back in September, FUELSNews sounded the alarm in “DEF Prices Explode”, explaining rising […]
Oil prices are rising once more this morning, regaining some steam thanks to the EIA’s inventory report. Of course, Omicron concerns are weighing on markets, but the planned distribution of 500 million test kits is providing support. While the test kits on their own won’t impact demand, it does seem to be the Biden administration’s […]
What goes down must come up. Oil prices are springing back as traders buy yesterday’s dip. After shedding $2.60 yesterday, crude oil is up by roughly $1.75 this morning. Fuel prices are actually higher than they were on Wednesday, demonstrating a bullish sentiment for traders this morning. Beyond COVID challenges, markets are gaining steam due […]
Oil prices are once again shrinking back, following other financial markets on a bearish turn. The Federal Reserve’s announcement about bond purchases and interest rate hikes initially gave markets a boost, since it provided clarity and certainty. However, over the long-haul, those actions tend to have a dampening affect on market prices, from oil to […]
This morning, international Brent crude oil prices are nearing $75 as new concerns over the virus and decreasing stockpiles threaten the market. With demand slowing down from fears of travel over the virus, the market is responding as expected. Today crude oil opened at $71.48, diesel at $2.2345, and gasoline at $2.1409. This week the […]
Early morning losses have mostly faded away following the EIA’s inventory report, which showed a surprise across-the-board draw for oil products. Early losses were roughly $1/bbl for crude and $.02/gal for fuel, amid growing beliefs that global inventories are beginning to trend higher. The EIA’s data, however, upset that narrative and suggests that supplies remain […]
Markets are pulling back slightly this morning following the International Energy Agency’s (IEA) monthly oil report, which shows supplies rising even as oil inventories keep dropping. The group expects US supply will lead the way for a couple of months, with Saudi Arabia and Russia taking the lead in 2022 as OPEC+ unwinds its supply […]
