Oil prices ticked higher this week as US gasoline demand recovered, with the EIA’s Wednesday market report showing demand climbing above 9 million barrels per day. Moreover, the report showed a steep draw from gasoline inventories, though diesel and crude stocks rose during the same period. Overall, oil fundamentals haven’t changed – there’s still a […]
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 week saw a steep selloff in oil markets, bringing crude prices below $100/bbl for the first time since May. At the same time, fuel prices slid 15-20 cents per gallon from last week’s levels. The topic on everyone’s mind is the economy – rising interest rates threaten to tighten spending and slow accelerating growth. […]
Heading into the holiday weekend, fuel prices are springing higher, though not fully offsetting losses seen earlier this week. This week has been filled with volatility, with gasoline shedding 20 cents from Monday’s close while diesel fell by 30 cents. Today’s ten-cent gains undo some of those declines, but overall the week has moved in […]
Crude oil prices are on track to post some losses this week, but that’s not translating to fuel price relief. After last Friday’s closing price of $109/bbl, crude oil sprung higher on Tuesday after the long trading weekend. However, statements on interest rates from Federal Reserve officials stoked recession fears, causing prices to fall later […]
Today oil prices are up again as sweeping summer demand for gasoline and diesel are shaking up the market. This new peak summer demand has gasoline at nearly $5/gallon in all states as more and more people are hitting the road for vacation. This comes as yesterday oil prices were staying near 3-month highs as […]
Headlines this week included ongoing supply chain tightness, some methods the White House thinks will lower fuel costs, understanding the SPR, and a look ahead to Memorial Day. Summer is nearly here, which means travel is going to pick back up. With fuel supplies stretched thin and gasoline inventories sinking, it’s looking like this summer […]
Market volatility has become the rule, not the exception, and this week has continued that trend. This week, fortunately, volatility has been (somewhat) in consumers’ favor. Crude oil ended the week roughly in line with Monday’s opening price, but diesel and gasoline both saw lower prices later in the week. News has been mounting of […]
Fuel prices have seesawed this week, falling towards the beginning of the week but recapturing losses later on. This week, many headlines have focused on fears of a recession. With energy prices squeezing budgets – both corporate and private – and interest rates going up, there’s a real concern that the economy could suffer. Recessions […]
This week readers learned about the European Union and their crude ban, how American inflation is continuing to rise, and East Coast diesel prices skyrocketing this week. Over the weekend, the European Union started to lean heavily toward completely banning Russian oil imports by the end of 2022. Diplomats from the EU engaged with European […]
