Iran and Venezuela Team Up on Oil – What’s the Impact?

This month, Iran is set to ship 4 million barrels of heavy crude oil to Venezuela, according to a Reuters report. Venezuela has been behind on its oil production, which in June was at its lowest level since October 2020. In June 2022, Venezuelan oil production was at about 727 thousand barrels per day (kbpd) […]

EU Considering Russian Oil Ban

This morning crude prices are up as the news of a potential ban of Russian oil by the EU makes its way through markets. Today WTI crude is at $109.05, with diesel at $3.7797 and gasoline at $3.3461. After recent events in eastern Europe, the European Union nations will decide in the coming days whether […]

Oil Prices Hit New High as UAE Derails OPEC+ Deal

Oil prices catapulted to new highs this morning before turning lower due to broader financial pressures and a rising US dollar. Last week, the world waited for an OPEC+ deal to increase production later this year – a deal that did not materialize. After three votes, the group cancelled its meeting for Monday, walking away […]

OPEC+ Meets Today, Expected to Hike Output

This morning, crude opened at $73.50, diesel at $2.1314, and gasoline at $2.2409. These prices saw sharp increases this morning as the anticipated OPEC+ meeting draws near. Oil set yet another three-year high, reaching $76.11 this morning. The relentless commodity rally has brought numerous multi-year highs as the world rebounds from the pandemic. Later this […]

Oil Prices Fall Before OPEC+ Meeting

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 […]

OPEC+ Meets July 1 to Review Iran, Global Demand Trends

This morning, oil prices dropped, a reaction to prices hitting a new two-year high earlier this week. Today crude opened at $73.28, diesel at $2.1606, and gasoline at $2.2684. Lower prices early this morning are showing investors that higher demand, coupled with slow supply increases by OPEC+, could send prices in a positive direction. The […]

Why Everything Is Getting More Expensive – Freight, Fuel, & DEF

It seems like the price of everything is going up recently – goods, labor, fuel, even freight prices. In the post-COVID economy, prices are rocketing higher. Some of the statistics you hear lack meaning: consumer prices rising 5% since the bottom of the world’s worst recession isn’t exactly frightening. But in other cases, the rise […]

Iran Election – A Nuclear Deal Setback?

This morning crude opened up $71.51 while reaching an early morning high of $72.41. Prices this morning remained mostly flat as summer driving demand continues to pick up. Iran, which last week held its presidential election, is also at the top of traders’ minds; the country elected conservative candidate Ebrahim Raisi on Friday. Over the […]

2021 Oil Forecasts Rise as Iran Deal Stalls

Lack of progress on Iranian nuclear negotiations is pushing markets to fresh highs this morning. Iran’s presidential election, which had been seen as a soft deadline for negotiations, is approaching on Friday this week. The front-runner is Ebrahim Raisi, a hard-line conservative with a history of cracking down on political opposition. Iran’s Supreme Leader Ali […]

Market Condition Report - Disclaimer
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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