Today, oil prices continue 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 morning prices fell as the world has seen a heavy increase in COVID-19 variant cases. These new strains, along with already tight supply and demand, have started to concern investors. Today crude opened at $74.74, diesel at $2.1527, and gasoline at $2.2869. One of the biggest threats to the market right now is the […]
Today oil prices fell slightly after a previous week in which we saw prices climb to their highest in over two years. Crude opened the day at $73.99, diesel at $2.1480, and gasoline at $2.2625. These price droppings come ahead of the much-anticipated OPEC+ meeting later this week that is sure to stir the talking […]
This week the International Energy Agency (IEA) dropped a surprising report encouraging no new oil and gas investments after 2021. The statement followed a net-zero emissions summit, which set a goal of net-zero emissions by no later than 2050. According to the IEA, the only way to achieve a net-zero emissions target by 2050 is […]
This morning the price of crude passed $70 as COVID-19 restrictions loosen around the world and investors predict demand for oil to soar in 2021. Prices have been dipping recently as a result of COVID cases’ surging in Asia and the reopening of the Colonial Pipeline (CPL), but there are optimistic signs of recovery in […]
Oil price volatility continues this week, with huge up-and-down movements for oil prices each day. Yesterday, oil prices once again plummeted, approaching Tuesday’s low closing level. Some of the volatility is driven by the Suez Canal blockage. There are ships on both sides trying to pass through, and a surprise tanker delivery (or a decision […]
Oil markets are rising higher this morning, supported by a new Johnson & Johnson vaccine reaching the end of clinical trials. Although the efficacy appears to be just 72% in the US (and lower against the South Africa variant), it only requires a single jab, making its logistics far less complex than the Pfizer and […]
This week was full of price swings, but none of those swings resulted in a meaningful trend for the week. The oil market seemed to be taking in new political news carefully, tucking it away rather than acting on it. This week certainly wasn’t short on political news – from stimulus deal fighting to Biden […]
Oil prices are continuing yesterday’s rally, with all eyes looking towards the Inauguration Ceremony in Washington DC. Traders continue hoping for stimulus to lift economic prospects. Treasury Secretary Nominee Janet Yellen, former chair of the Federal Reserve, stated yesterday that Congress should “act big” in its legislation. Yellen argued that low interest rates would keep […]
Saudi’s oil cuts appear prophetic as market risks grow For Saudi Arabia, bad news in the oil market has rarely been such a vindication. Two weeks ago, the world’s biggest crude exporter stunned energy traders by announcing that — rather than restore halted production as planned — it would slash supplies by a further 1 […]
