This morning prices are trading lower as fears about Omicron and its fast advancement run through the market. Today crude oil opened at $70.07, diesel at $2.2168, and gasoline at $2.1271. With so much fear surrounding the Omicron variant now, it is time to take a look at what has been impacted the most over […]
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 […]
This morning prices fell to their lowest numbers since May, partly due to concerns over weakening demand accompanied by fast-rising COVID-19 cases in the United States. The infection rate, along with rising COVID-19 deaths in the United States and abroad, has once again put the world on notice of a potential massive world lockdown. This […]
This morning the IEA released their market report, highlighting both the ongoing economic recovery and the contrasting concerns over new virus variants. The IEA warns of a significant slowdown in demand recovery in the weeks to come due to unforeseen COVID-19 variant spread rates. According to the IEA, global oil demand will rise 5.3 mb/d […]
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 continue sinking this morning, extending the streak of losses to four days if current prices hold. Although COVID variants have been a talking point for months now, sentiment is now shifting markedly. Before, variant concerns were met with a retort that vaccines were available and just needed time. Now vaccine rollouts have slowed, […]
The rise in COVID-19 cases has not put a damper on the United States oil demand. According to the American Petroleum Institute (API), United States crude oil stocks saw a draw of 4.7 million barrels for the week ended July 23. This increase in demand has come while the overall number of COVID cases has […]
In the absence of news, oil prices are continuing a choppy sideways trade, with brief surges up and down but no clear trend. Federal officials are reportedly reviewing the need for updated mask guidance. The CDC tightening its mask recommendations could renew consumer fears of exposure, which could, in turn, dampen demand. Although market prices […]
This morning, US crude oil prices are trading flat as traders continue monitoring new COVID-19 variants. Crude opened at $72.18, diesel at $2.1358, and gasoline at $2.2952. Markets are still locked in the continuing pattern – selling off due to COVID variants, then traders buy the dip and cause a surge in pricing. Traders are […]
On Monday, we saw the most significant single-day drop in oil prices in 10 months. Many analysts suggest this has to do with the fear that new coronavirus variants will again bring a pause to travel, in turn heavily impacting fuel demand. Today prices fell again, with crude opening at $66.60. This was the lowest […]
