News this week has been solidly bearish, both for oil supply and economic demand. On the oil supply front, Iran submitted their response to the nuclear deal proposal. European negotiators have hinted that a deal is closer than ever, though some issues remain. Although Iran’s position is not public, news outlets have pointed to Iran’s […]
There’s been lots of talk among analysts about the lack of refining capacity around the world. In fact, OPEC has asserted that the world isn’t lacking crude oil, but rather the capacity to convert crude oil into usable fuels. While US refining capacity is falling (a topic we covered back in May), global refining capacity […]
Many analysts have written lately about high oil prices, noting that with supplies cutoff, the only balancing mechanism is demand destruction. Typically, demand destruction comes in a few different forms – either interest rates rising and limiting borrowing, or prices going so high that customers must buy fewer goods. Right now, though, the world has […]
Following a long holiday weekend, fuel markets are opening this morning with moderate losses. Repair efforts continue in Louisiana and Mississippi – nearly half a million remain without power, and 84% of offshore crude oil production is offline. For refiners, a bit over half of the 2 million barrels per day taken offline by the […]
This morning crude opened at $61.96, the lowest price since May; however, prices began rebounding later in the morning on a weaker US dollar and short-covering. Similar to crude oil this morning, diesel also opened at a multi-month low of $1.8970 and gasoline opened at $2.0101 to start off the week. The US Dollar has […]
Oil prices Rise Wednesday as Data Shows a Drop in U.S. Crude Inventories Oil futures rose Wednesday, after industry data showed a draw in U.S. crude inventories, looking to snap a four-day losing streak. This comes from the official reading on supply levels from the Energy Department’s Energy Information Administration (EIA). The EIA is expected […]
Today, oil prices fell due to new COVID-19 restrictions in China and much of Asia. This morning crude oil opened at $67.88, diesel at $2.0758, and gasoline at $2.2473. The price of oil this morning was the lowest in a three-week period. This comes along with Invest 94L forming into more of a threat to […]
Being the world’s second largest oil consumer, China is drawing attention as its factory activity continues to draw the wrong attention. Fears that the economic recovery in Asia is taking steps backward mean that this will undoubtedly affect supply and demand moving forward. Factory activity in China fell heavily in July to numbers not seen […]
Oil Prices Fall as Delta Variant Spread Weighs Oil prices fell on Wednesday as the spread of the coronavirus Delta variant in top consuming countries outweighed Mideast geopolitical tensions and a fall in U.S. inventories. Brent crude oil futures were down 67 cents, or 0.9%, to $71.74 a barrel by 11:44 GMT. U.S. West Texas […]
This morning oil prices fell after concerns about Chinese factory activity made headlines. This problem over China and their oil-consumption decrease is accompanied by a sharp increase in Delta Variant cases worldwide. Crude oil opened the day at $73.91, diesel at $2.1910, and gasoline at $2.3303. Being the world’s second largest oil consumer, China is […]
