OPEC+ surprised the market yesterday, causing oil prices to skyrocket at the end of the session, with gains continuing this morning. The group announced they would maintain current production levels, rather than increasing output by 500 kbpd as the market had expected. Saudi Arabia will also continue their voluntary 1 MMbpd cuts through April, keeping […]
It’s been a wild week for markets, with prices first falling to two-week lows before skyrocketing to fresh, multi-year highs. With on-going supply concerns in Texas, refinery utilization is at historic lows, which caused fuel prices to rocket higher. As refiners consumed less crude, a record amount of crude was added in weekly inventory gains. […]
Oil prices are gaining ground this morning, building on yesterday’s rally that was triggered by the EIA’s record-shattering report. Over the past two trading sessions, oil prices have gone up nearly $3/bbl, while fuel prices are up by 4-5 cents. Today, OPEC will reveal their production strategy for the next few months, keeping some mystery […]
WTI closed below $60/bbl for the first time in almost two weeks, triggered by profit-taking and an expected gain in crude inventories. This morning, prices have popped back above $60/bbl, as bullish traders buy the dip and push prices higher once again. President Biden now claims that all Americans wanting the vaccine will be able […]
Energy leaders grapple with climate targets at virtual CERAWeek Global energy leaders and other luminaries like incoming Amazon Chief Executive Andy Jassy focused on the tough road to transforming world economies to a lower-carbon future at the kickoff of the world’s largest energy conference on Monday. Numerous speakers at CERAWeek were prepared to talk about […]
Why Are Refineries Closed? Freezing weather hampered fueling infrastructure in several ways, including shutting production, refining, and distribution. At a very basic level, refineries heat up crude oil until it vaporizes, then cool it down as liquid fuels. The winter storm impacted these operations in several ways: Freezing cold weather can directly damage equipment involved […]
Oil prices shed nearly a dollar per barrel yesterday, bringing the total losses over the past two sessions to $3/bbl. After last week’s strong rally, that loss isn’t surprising; trader profit-taking is a normal response, causing prices to dip after a rally. Last week, oil bulls bought any dips, consistently pushing prices higher. Now, it […]
After shedding $2/bbl on Friday, oil prices are stabilizing. WTI crude remains above the $60/bbl threshold, in line with pre-pandemic pricing. Analysts have whip-sawed from bemoaning the global supply glut to broadcasting under-supplied conditions. Traders continue chattering about the possibility of $100/bbl oil amid a purported commodity supercycle. At the heart of the bullish sentiment […]
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 […]
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 […]
