This morning crude opened at $71.92. This drop of more than $1 per barrel comes as risk aversion continues to rise, boosting the United States dollar. Falling prices also reflects the output being added back to the market, as many refineries are back online in the U.S. Gulf following two hurricanes in the past few […]
WTI Crude opened the week at $69.74. Prices were extremely volatile this week with crude rising until Friday when it dropped again. Friday opened at $72.62, an increase of $2.88 from Monday. Diesel opened the week at $2.1436. Diesel followed a similar pattern as crude this week. It opened Friday at $2.2051 an increase of […]
This morning prices fell slightly as the threat to Gulf oil production started to dial back with the recent downgrade of Category 1 Hurricane Nicholas into a tropical depression. Today crude oil opened at $72.65, while diesel opened at $2.2065, and gasoline at $2.2084. As Nicholas recedes, energy companies have been able to restart their […]
Oil prices climb after drawdown in U.S. stocks Oil prices climbed $1 on Wednesday after industry data showed a larger-than-expected drawdown in U.S. crude inventories and on expectations demand will rise as vaccination roll-outs widen. Brent oil rose $1.08, or 1.5%, to $74.68 a barrel by 1226 GMT, while U.S. West Texas Intermediate (WTI) crude […]
This morning crude opened at $70.55, up from Friday’s closing price. Diesel and gasoline followed the same upward trend this morning, with diesel opening at $2.1436 and gasoline at $2.1570. Today’s rise in prices comes after a continued fear of halted output due to Hurricane Ida clouds the market, with many suggesting it will take […]
Conditions are improving slowly within Mississippi and Louisiana, though much work remains. Five refineries in New Orleans are still offline, though conditions have improved in other markets. While deliveries in southern Louisiana will remain tight for weeks, conditions in surrounding areas are getting a bit better as refineries come online and carriers catch up with […]
This week saw major headlines for oil markets as Hurricane Ida efforts continue in much of Louisiana and Mississippi where power is still out for over 300,000 people. With refineries out and COVID-19 cases around the country continuing to increase, oil supply and demand have been clouded and look to remain that way for the […]
Today prices have been fairly steady, with crude oil opening the day at $69.36, up slightly from yesterday’s closing price of $69.30. Diesel and gasoline followed similar trends with diesel opening the day at $2.1350 and gasoline at $2.1388. These prices come as crude oil output remains offline following Hurricane Ida, accompanied by a demand […]
Refineries are experiencing varying degrees of success in restarting operations. Five refineries in New Orleans, which cumulatively account for just over 1 million barrels per day, have not yet been able to begin their restart process due to power outages. Elsewhere, refinery repairs and restarts are underway, with refineries generally operating at reduced capacity. Refineries […]
Crude Oil Prices Halt Overnight Losses Due To Supply Squeeze With U.S. producers, oil prices rose at their midweek trading sessions, reducing overnight losses. Hurricane Ida hit the Gulf of Mexico nine days ago, leaving operations crippled. After losing 1.4% on Tuesday following the Labor Day holiday, U.S. West Texas Intermediate crude futures are up […]
