OPEC is back in the driver’s seat when it comes to oil prices. Their decision this week to cut supplies by 2 million barrels per day sent prices leaping higher. Crude oil is up nearly $10/bbl this week, and diesel prices are up a full 60 cents per gallon. Market backwardation is beginning to creep […]
The IEA released their Monthly Oil Report for August, which is packed full of headline-worthy news items. Today’s article will unpack some of the key themes: Bullish: Fuel switching is driving “soaring” oil demand for power. As natural gas prices rise and heat waves drive power consumption, more power companies are considering heating oil for […]
Welcome to our continuing FUELSNews series: What Is It Wednesday. Each week, we’ll pick a fuel industry topic to explain, so you can learn more about the market and what drives it. Want to suggest a topic? Email the author, Alan Apthorp, at aapthorp@mansfieldoil.com. If diesel is the hero of the transportation fuels world, then […]
There’s no question that the economies worldwide face a looming recession. Countries in Europe appear particularly at risk, with severe contractions expected for countries like the UK, Germany, and France. The US has seen GDP fall for two quarters, but a number of indicators point to resilient economic activity. One factor, gasoline demand, has seemingly […]
Yesterday, oil prices closed at $88.54, the first time WTI crude has dipped below $90/bbl since two weeks before Russia invaded Ukraine. Diesel is trading at its lowest point since April, while gasoline is at its lowest since late February. Despite the spate of bullish factors on the supply side – a floundering US-Iran nuclear […]
The diesel crisis continues even as gasoline markets are slumping. OPEC+ barely moved to increase its output goal, keeping global markets tight. And the US and Iran are heading back to the negotiation table, following the US tightening sanctions. Let’s unpack the day’s news. Yesterday, the EIA published its weekly report which showed a headline […]
Welcome to our continuing FUELSNews series: What Is It Wednesday. Each week, we’ll pick a fuel industry topic to explain, so you can learn more about the market and what drives it. Want to suggest a topic? Email the author, Alan Apthorp, at aapthorp@mansfieldoil.com. Fuel markets are constantly in flux, reacting to supply and […]
Yesterday saw the entire petroleum complex close significantly lower. Crude oil fell by nearly $5/bbl, and fuel prices saw roughly 10-cent losses. One could say that prices are actually down much more. On Friday, gasoline closed at $3.49 when the August future contract expired; yesterday, the September contract closed at $2.99. That’s a 50-cent drop […]
Oil markets are seeing large losses this morning as economic concerns continue to weigh. While US economists are still debating on whether the US is in a recession, data from other countries show more concrete evidence of a weakening landscape. A new report from S&P Platts shows that European manufacturing contracted in July for the […]
Welcome to our continuing FUELSNews series: What Is It Wednesday. Each week, we’ll pick a fuel industry topic to explain, so you can learn more about the market and what drives it. Imagine working for a company where you have no control over your raw material costs, and little control over your sales prices. […]
