Prices continued recovering this week after crashing to $66/bbl last week. WTI crude opened at $72/bbl this week and continued climbing from there. Several supportive headlines for oil prices have kept prices from testing last week’s low. Federal Reserve Sees Positive Outlook. The Federal Reserve kept interest rates near zero on Wednesday, noting that the […]
Yesterday, oil prices continued to rise over 4% despite an unexpected crude inventory hike. Investors are buying the dip, capitalizing on low prices in the hopes that prices will continue their march higher over the next few months. Rising prices are somewhat counter-intuitive, given yesterday’s bearish inventory data. Crude oil inventory levels rose Wednesday for […]
This week brought a sharp break from rising oil prices, with crude oil shedding several dollars from its lofty prices. Saudi Arabia and the UAE’s compromise on Wednesday paved the way for OPEC+ to begin hiking their output each month, bringing markets closer to balance. Even with the agreement, though, some forecasters are still calling […]
After a long string of oil price gains, oil prices fell this week as the OPEC meeting last week crumbled. Although the group was voting on increasing production – and thus no vote means less production, which should cause higher prices – the market reaction has been bearish. Traders fear that the UAE and other […]
OPEC+ met Thursday to discuss the next stage of their production planning. This comes as consumers saw oil prices skyrocket and oil demand recover from the COVID-19 pandemic. Investors will finally be able to answer what global production will look like going forward. On Wednesday we talked about a heatwave sweeping across the northern US. […]
This week a storm brewing in the Gulf of Mexico began making headlines, as it could be the first storm of the new hurricane season to impact the mainland US. Forecasters are reporting that the storm system could strengthen to a tropical storm briefly before making landfall as early as the end of this week, […]
Oil Prices Climb On Huge Inventory Draw The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 8.537-million barrels for the week ending June 11. Analysts had predicted a much smaller draw of 3.290 million barrels for the week. In the previous week, the API reported a draw in oil […]
On Monday crude opened at $69.52, the highest in a multi-year period. With the economy trying to find a strong balance between the rising demand with summer travel picking up, along with higher output from Iran, there are differing opinions on what prices will do in the coming weeks. Talks between Iran and the United […]
Throughout the week, oil prices remained mostly flat, with a few jumps throughout the week. Crude jumped from $63.87 to $66.02 on Monday, and diesel also saw gains that day. Gasoline, however, remained consistently flat throughout the week with minor fluctuations. Monday’s rise in fuel prices were ignited by the constant threats to the US-Iran […]
Oil prices were highly volatile throughout the week as the Colonial Pipeline (CPL) slowly returned to normal operations. Gas stations across much of the Southeast are now slowly starting to see a return to normal fuel deliveries. Given that the supply chain needs time to catch consumers’ demand, prices shifted as predicted throughout the week. […]
