Tropical Storm Sally is expected to make landfall in Louisiana Tuesday morning as a Category 1 hurricane. The storm quickly developed into a tropical storm over the weekend, and further strengthening is possible. Sally is moving slowly and will bring over a foot of rain to some areas along with dangerous storm surge. The region […]
Oil Market Shrugs Off Libya Crisis Amid Ample Global Supply Oil prices fell on Tuesday on expectations that a well-supplied global market, including supplies from growing record U.S. production, would be able to absorb disruptions that have cut Libya’s crude production to a trickle. Libya’s barrels “although plentiful when around, have not been a reliable […]
A surprise draw in crude stocks is putting upward pressure on prices this morning. WTI Crude is trading at $57.55 a gain of 43 cents. Fuel is up this morning. Diesel is trading at $1.9345, a gain of 2.2 cents. Gasoline is trading at $1.6456, a gain of 0.9 cents. Crude prices rose after the […]
Friday saw some bumpy trading action for oil markets, with oil prices slipping in the morning before rising again heading into the close. Weakened trade sentiments are weighing on oil this morning. Crude oil is currently trading at $56.45, down 79 cents from Friday’s close. Fuel prices are sinking lower as well after small losses […]
Oil markets could face oversupply in 2020, the IEA says In its latest monthly report, the Paris-based agency cut its oil demand growth figure by 100,000 barrels a day for both 2019 and 2020. Oil demand is expected grow 1.2 million barrels a day in 2020, IEA said in the report. Click here to read […]
Electric Vehicle Adoption Overshadowed by SUV Boom There are now 200 million SUVs on the roads globally, up from 35 million in 2010, according to data the International Energy Agency (IEA). In fact, 60 percent of the increase of the global vehicle fleet since 2010 came from SUVs. Click here to read more from OilPrice.com. […]
Markets closed higher yesterday on news from OPEC regarding production cuts, and this morning headline declaring missile strikes on an Iranian tanker are continuing the gains. Crude oil is currently trading at $54.10, up 55 cents. Fuel prices are also higher this morning, with diesel leading the complex higher. With inventories falling quickly and IMO […]
The crude market was up for the week. The big driver for the week was positive sentiment around US-China trade talks. Some reports suggest that the Chinese would be willing to accept a partial trade deal with the US – possibly increasing annual purchases of agricultural products in order to secure an interim trade deal […]
