Oil prices are continuing to trade sideways this morning, continuing a 12-day streak of days that have traded between $52-$53/bbl. Although movement higher seems unlikely due to overhanging inventories and rising COVID cases, market bulls continue buying any dips. Although plenty has happened over the past three weeks of trading days, the market has been […]
Elon Musk’s gas drilling plans in Texas meet legal resistance Elon Musk recently moved to Texas, where he launches some of his rockets and is building a battery factory. Now, for good measure, he plans to drill for natural gas in the state. The billionaire’s SpaceX intends to drill wells close to the company’s Boca […]
Despite a market run-up this morning that briefly sent fuel prices nearly 2 cents higher per gallon, the market is trading flat/lower this morning. Over the weekend, a few supply issues reared their head. Iraq is set to reduce their output to 3.6 MMbpd to offset above-quota production in 2020, taking their production to a […]
The oil complex is experiencing steep losses this morning as the factors behind the rally seem to be fading. Last year, China’s recovering fuel demand was a primary force pushing prices higher. This year, several Chinese cities are experiencing rising cases, forcing the country to establish new lockdown policies to curb the spread. China was […]
In the first few days of a new political administration, change is expected, and the Biden administration has not disappointed. President Biden has signed executive orders re-entering the US into the Paris Climate Accord, slowing pipelines, reinvigorating vehicle fuel efficiency targets, and issuing a 60-day ban on new drilling permits on federal land. Halting drilling […]
Just a day into the new Biden administration, the President is busily undoing many of Trump’s environmental policies. On his first day, President Biden signed an executive order to re-enter the United States into the Paris Accord, an international climate agreement pledging carbon reductions over the next decade. He also threatened to cancel the Keystone […]
Coming off a long holiday weekend, oil markets are moving moderately higher. Traders are expecting the in-coming Biden administration to act quickly to pass its proposed $1.9 trillion stimulus bill, which would facilitate faster distribution of a vaccine while putting money in people’s hands to spend immediately. Along with stimulus legislation, Biden is expected to […]
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 […]
Oil markets are rallying this morning despite an absence of “new” news to provide incremental tailwinds. Indeed, the news may even be considered as a bearish factor, with Tokyo and Quebec each enacting restrictions to curb new COVID-19 cases. But the scale of the news this week has been lifting financial markets across the board, […]
Yesterday, the OPEC+ production agreement continued to surprise markets when Saudi Arabia announced they would voluntarily shoulder an additional 1 MMbpd in cuts. Under the new arrangement, Russia and Kazakhstan will slightly increase their output (by a paltry 75 kbpd) while other producers maintain current cuts. The announcement propelled WTI crude prices briefly above $50/bbl, […]
