Oil-Price Swoon Spurs Traders to Bet on Further Declines Bets that oil investors made in options markets help explain why crude prices fell so sharply on Monday, and show that traders are bracing for prices to lurch lower once more. U.S. crude prices swooned in tandem with stocks and other industrial commodities to start the […]
Oil prices drop after Saudi-UAE reach output compromise Oil prices dropped on Wednesday after Reuters reported that Saudi Arabia and the United Arab Emirates had reached a compromise over a global supply deal that will allow the UAE to boost its output. The deal between the two Gulf producers means that members of the Petroleum […]
Oil prices stabilize as OPEC uncertainty persists Oil futures rose Wednesday, stabilizing after the previous session’s slide, as investors continued to weigh the implications of a standoff between OPEC members over output. Oil trading has been volatile after talks by the Organization of the Petroleum Exporting Countries and its allies — a group known as […]
Gas stations are running out of gas ahead of the holiday weekend When tens of millions of Americans hit the road this holiday weekend, they’re going to find the highest prices for gasoline in nearly seven years. But many will also find stations that don’t have any gas at all. The national average price for […]
Oil jumps to more than two-year high on U.S. inventories Oil rose above $75 a barrel on Wednesday, reaching its highest since late 2018, after an industry report on U.S. crude inventories reinforced views of a tightening market as travel picks up in Europe and North America. The American Petroleum Institute reported that crude stocks […]
Memorial Day gas prices are the highest in seven years and could stay high all summer Gasoline prices are expected to be the highest for a Memorial Day weekend in seven years, and prices could stay elevated all summer, as Americans take to the road in a post-coronavirus pandemic driving spree. The current average price for […]
WTI crude trading trends suggest a U.S. oil supply crunch as driving season nears A key price spread in the market for West Texas Intermediate crude is signaling that oil traders are bracing for a potential supply crunch just ahead of the busy summer driving season that sparks a demand surge. The June-July WTI time-spread, […]
U.S. gas stations still shut, prices at 7-yr high in slow recovery from cyberattack The top U.S. fuel pipeline operator said its lines were fully operational on Monday, but it will take some time for supplies to recover fully from a cyberattack that left thousands of gas stations without fuel. Last week’s closure of Colonial […]
Will Oil Hit $80 This Summer? India, the world’s third-largest oil importer, is the latest coronavirus hotspot. It has recently hit a record-breaking number of new daily coronavirus cases—a statistic that dented oil demand and pressured oil prices. OPEC+, out of its own necessity, has intervened in the oil market on the supply side of […]
Oil Prices Climb As OPEC+ Holds Firm on Output Cuts The OPEC+ group will not hold a full ministerial meeting on Wednesday as planned, delegates at the Joint Ministerial Monitoring Committee (JMMC) agreed at their meeting on Tuesday, signaling confidence in the current plans to ease the production cuts as of May despite surging COVID […]
