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 […]
Fuel prices are bouncing back this morning after a steep selloff yesterday, which moderated towards the end of the day. WTI crude sank as low as $65.50 before ending the day a dollar higher. This morning, prices continue rebounding, with fuel products picking up roughly 4 cents and crude up $2/bbl. Diesel remains 11 cents […]
Oil prices stabilize as OPEC uncertainty persists Oil futures rose Wednesday, stabilizing after the previous session’s slide, as investors continued to weigh the implications of a standoff between OPEC members over output. Oil trading has been volatile after talks by the Organization of the Petroleum Exporting Countries and its allies — a group known as […]
This morning crude opened at $69.52, the highest in a multi-year period. While crude is floating around $70, it may be a while before it breaches that threshold. With the economy trying to find a strong balance between the rising demand with summer travel picking up, along with higher output from Iran, there are differing […]
This morning, crude and diesel both opened with 3-year highs at $68.76 and $2.1061, respectively. As the demand for travel starts to slowly make its way back into the daily lives of consumers, oil prices are expected to climb to as high as $80 this summer. After the economy reopened following COVID-19, prices rose as […]
Oil prices are back to the top of their recent range, with WTI crude pushing higher into the $66/bbl range. Fuel prices are also elevated: diesel has traded above $2/gal for the past week, and gasoline has cost more than $2/gal for a full month. With Memorial Day weekend – the kickoff for summer driving […]
Oil prices rocketed higher yesterday following a bullish EIA report and supportive commentary from the International Energy Agency. Crude oil gained $3/bbl, while fuel prices picked up solid 6-7 cent gains. This morning, markets are slowing down a bit, trading in line with yesterday’s closing price. The EIA’s weekly inventory report provided a lift for […]
On Tuesday, WTI crude closed sharply higher following US equities. The Dow Jones Industrial Average closed above 30,000 for the first time in history and crude followed to levels not seen since March. The major drivers lifting markets are news of multiple highly effective coronavirus vaccines and the beginning of the official transition of power […]
Why The Vaccine Oil Rally Won’t Last Oil is on the rise after a third company developing a vaccine for Covid-19 announced positive efficacy results this week. They may well continue to rise for a while, but it would pay to be careful with betting on an endless rally. Click here to read more from […]
Crude closed higher yesterday and is continuing its gains in early trading this morning. News out of China of increased quotas for next year and OPEC+ chatter around continuing supply cuts into the first quarter are helping to lift markets this morning. China’s Ministry of Commerce announced a 20% increase in the quota for use […]
