It’s a relatively calm day for oil markets – no new hurricanes, OPEC headlines, or COVID shockers. California did ban the sale of new fossil fuel-consuming cars after 2035, joining some European countries who have offered similar legislation, though the change is too far in the future to impact markets today. Given today’s quiet outlook, […]
WTI crude finished lower for the week from Monday’s open to Friday’s open. Fears of Libyan crude deepening the oil glut caused markets to fall on Monday. The imminent return of 1 MMbpd of Libyan supply spooked the market to start the week. Tropical Storm Beta caused flooding in Houston and Louisiana, but most of […]
Oil Rally Cools as Iranian Strike Causes No U.S. Casualties Oil’s rally faded as the U.S said Iranian airstrikes on military bases in Iraq didn’t cause any casualties, reinforcing speculation that Tehran is opting for limited retaliation over the killing of a top general. Futures in London initially surged more than 5% as the Islamic […]
Friday saw some bumpy trading action for oil markets, with oil prices slipping in the morning before rising again heading into the close. Weakened trade sentiments are weighing on oil this morning. Crude oil is currently trading at $56.45, down 79 cents from Friday’s close. Fuel prices are sinking lower as well after small losses […]
The market is trying to continue yesterday’s bull run that was based on a surprise draw. WTI Crude is trading at $56.09, a gain of 12 cents. Fuel is flat in early trading this morning. Diesel is trading at $1.9664, a fractional gain. Gasoline is trading at $1.6524, also a fractional gain. On Wednesday, markets […]
Natural Gas News – November 22, 2017 Pennsylvania House leaves Marcellus Shale tax up in the air The Seattle Times reported: HARRISBURG, Pa. (AP) — Legislation in the Pennsylvania House of Representatives to impose a long-sought tax on Marcellus Shale natural gas production is up in the air until December. The Republican-controlled House adjourned until […]
The EIA’s oil report yesterday revealed some interesting trends that are relevant to both fuel suppliers and consumers. Crude inventories fell, which would normally boost oil prices, yet prices dropped below $50 yesterday. Gasoline stocks rose while diesel stocks fell, yet both products saw higher prices during yesterday’s trading sessions. While markets typically focus on […]
Gross U.S. crude oil imports in 2016 rose to an average of 7.9 million barrels per day (b/d), 514,000 b/d more than the 2015 average. Net crude oil imports increased by a smaller amount (460,000 b/d), as U.S. crude oil exports rose despite a decline in U.S. crude oil production. From a longer term perspective, […]
