With oil prices still stubbornly high, Washington is running out of solutions for lowering prices. Yesterday, President Biden announced another release of 15 million barrels from the Strategic Petroleum Reserve, adding that more releases could follow “if needed.” The release comes in the aftermath of OPEC+’s announced 2 MMbpd cuts in November, which analysts expect […]
This morning oil prices are rising again, jumping up around 6% from yesterday after three straight days of losses. The International Energy Agency (IEA) warned of “the biggest supply crisis in decades” as Russian exports are set to drop by 3 million barrels per day next month. It’s a sign of recent volatility that diesel […]
This morning oil prices are up as an imminent Russian invasion of Ukraine is becoming more likely. In the wake of tensions between Russia and NATO, President Biden and his administration have called for an in-person meeting with Putin to discuss diplomatic solutions to prevent war in Europe. Biden’s meeting is contingent on Russia not […]
During a time with consumers seeing some of the highest oil prices in recent memory, the Biden Administration now seeks the help of the industry he spent much time trying to change. The Biden 2021 election campaign focused heavily on curbing climate change by regulating the oil and gas industry. He now faces an even […]
Yesterday, President Biden and a group of bipartisan senators agreed on a $1.2 trillion infrastructure package, including $579 billion in new spending. Biden had previously proposed a larger bill, which included an emphasis on what’s been called “human infrastructure,” including in-home care, child care, and more. The bipartisan bill will cover more traditional infrastructure projects […]
Oil trading action is relatively calm this morning, easing from choppy trading earlier this week. Although recent focus has moved to US unemployment claims, Iranian oil hitting the market, and COVID-related restrictions in some countries, there’s still plenty of optimism that demand is recovering. Yesterday, Colorado State University released its first outlook for the 2021 […]
After several weeks of volatility, oil prices stabilized this week. Following Monday’s selloff, WTI crude prices consolidated to a narrow $1/bbl trading range. The week began with OPEC+ agreeing to slowly increase its production, phasing in roughly 1 MMbpd of supply over the next three months. Saudi Arabia also announced it would cease its voluntary […]
FUELSNews will resume on Monday, April 5. The Mansfield Supply & Marketing Team wish you a peaceful Good Friday! Despite a small surprise draw in crude inventories, crude prices ended Wednesday off by nearly a dollar. Fuel prices also shed 2-3 cents. Markets are watching OPEC+ for a decision today about their future production. Most […]
After pulling back moderately yesterday, oil markets are trading steady as they await the EIA’s weekly inventory data, Biden’s new infrastructure plan, and more news regarding OPEC’s future production strategy. So far, OPEC members seem aligned on maintaining their current strategy. A month ago, the group was scorned for maintaining cuts in the face of […]
Crude Oil Price Forecast – Crude Oil Markets Continue Noisy Behavior The West Texas Intermediate Crude Oil market has been all over the place during the trading session on Monday as we continue to see conflicting headlines cause major issues. For example, the tanker in the Suez Canal has finally been moved, but at this point in […]
