Oil prices dropped significantly yesterday following shockwaves caused by Evergrande, a Chinese real estate behemoth. The company, which owes $300 billion to its partners and earned just $8 billion this year, has seen its stock price fall 85% over the past six months. Some have compared their financial woes to the Lehman Brothers’ collapse in […]
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 […]
Today marks the end of National Truck Driver Appreciation Week, a holiday week started by the American Trucking Association. The purpose of the holiday is to celebrate America’s truck drivers, who work tirelessly to deliver goods and materials across the country. Without truck drivers, the world would not be able to enjoy the modern conveniences […]
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 […]
Each month, three major groups – OPEC, the US’s Energy Information Administration (EIA), and the International Energy Agency (IEA) – publish reports including their outlook on global markets. Typically, the market absorbs those reports with a shrug, but this month they’re having a bigger impact on prices. OPEC’s Monthly Oil Market Report increased its forecast […]
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 […]
Oil closed at a 6-week high yesterday amid continued Gulf Coast oil production shut-ins and Hurricane Nicholas, which made landfall last night in Houston as a Category 1 storm. The Colonial Pipeline, which supplies most of the East Coast’s fuel, shut this morning as a precaution due to power outages. Given the vast number of […]
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 […]
