For the past several months, hefty withdrawals from America’s Strategic Petroleum Reserve have kept the market afloat. In April, President Biden authorized up to 1 million barrels per day (MMbpd) to be withdrawn from the SPR, which has gone towards balancing US and global markets. By June, the SPR fell below 500 million barrels for […]
This week saw a general downward trend, with a variety of bearish headlines keeping markets suppressed. The economy remains the focal point, with Europe, particularly under scrutiny. High energy costs and sanctions have severely harmed European manufacturing and services, slowing growth. In the US, high fuel costs have caused demand to plummet – for the […]
This month, Iran is set to ship 4 million barrels of heavy crude oil to Venezuela, according to a Reuters report. Venezuela has been behind on its oil production, which in June was at its lowest level since October 2020. In June 2022, Venezuelan oil production was at about 727 thousand barrels per day (kbpd) […]
Welcome to our continuing FUELSNews series: What Is It Wednesday. Each week, we’ll pick a fuel industry topic to explain, so you can learn more about the market and what drives it. Imagine working for a company where you have no control over your raw material costs, and little control over your sales prices. […]
It’s common for the mainstream media to comment on gasoline prices – something which impacts most consumers every day. But if you live outside the US and Canada, diesel might be the product you’d use more often. In the US, gasoline demand tends to be 2-2.5x higher than diesel demand; in the EU, diesel demand […]
Oil prices are rising this morning as the market bounces back from last week’s sell-off. It appears this week’s rebound is due to trading factors rather than fundamental news influencing prices. In fact, there’s a decent bit of bearish news from this weekend – Libya plans to restore oil production fully, and President Biden ended […]
This week saw yet another selloff in fuel markets, echoing last week’s drop and recovery pattern. Like last week, prices are rising once again on Friday. This time around, though, crude oil has not quite recovered the $100/bbl mark. This week brought news that inflation has climbed to 9.1% year-over-year, the highest reading in decades. […]
Oil markets are sliding again this morning after trading sideways yesterday. Inflation is now officially up to 9.1% year-over-year, which means higher prices for just about everything. As prices rise, consumers will have less residual income to spend on nonessentials like travel, causing fuel demand to decline. To curb inflation, the Federal Reserve will raise […]
Welcome to the new FUELSNews series: What Is It Wednesday. Each week, we’ll pick a fuel industry topic to explain, so you can learn more about what matters. Today, we’ll be looking at the Energy Information Administration, or EIA. According to their website: The U.S. Energy Information Administration (EIA) is the statistical and analytical agency […]
Fuel markets are once again trading sharply lower today, echoing the sell-off seen last Tuesday after the holiday weekend. Following $7/bbl losses, WTI crude is trading well below $100, and fuel prices are seeing 15-18 cent drops as well. Last week, analysts pointed to light trading due to the holiday week along with technical factors […]
