Today oil prices fell from the one-week highs set yesterday. Oil rose more than 3% above last week due to faltering US-Iran negotiations. Crude futures were down 20 cents, and US West Texas Intermediate futures were off 29 cents after attaining near 4% gains on Monday. This week in Vienna, the United States and Iran […]
This week the International Energy Agency (IEA) dropped a surprising report encouraging no new oil and gas investments after 2021. The statement followed a net-zero emissions summit, which set a goal of net-zero emissions by no later than 2050. According to the IEA, the only way to achieve a net-zero emissions target by 2050 is […]
Coming off a long weekend, oil is climbing to fresh highs this morning as positive sentiment endures. The market continues with the mantra “no news is good news” – another day without a major uptick in COVID-19 cases and no unexpectedly low economic data constitutes a win. The IEA’s Executive Director commented this weekend that low oil prices could drive demand […]
Working to lift markets this morning is the talk of supply cuts coming from OPEC+. Signs point to OPEC+ being willing to deepen cuts amidst the decreased demand caused by the coronavirus. OPEC+ is gathering for an urgent assessment of how Asia’s coronavirus may hurt oil demand; technical experts from the OPEC+ coalition will meet […]
Yesterday markets closed lower – extending to five days the streak of losses. The market appears to have dismissed Middle East tensions in the short term. However, crude is up in early trading this morning. Crude is currently trading at $58.66, a gain of 58 cents. Fuel prices are up. Diesel is trading at $1.9113, […]
India Could See Real Growth in Oil Demand Next Year Next year is expected to be a turnaround for oil demand in India, according to a new study by S&P Global Platts Analytics. With weakened demand caused by an economic slowdown, a slump in new vehicle sales, and flooding during monsoon season, the growth number […]
A surprise draw in crude stocks is putting upward pressure on prices this morning. WTI Crude is trading at $57.55 a gain of 43 cents. Fuel is up this morning. Diesel is trading at $1.9345, a gain of 2.2 cents. Gasoline is trading at $1.6456, a gain of 0.9 cents. Crude prices rose after the […]
The First OPEC Member to Cut Oil Targets Over Climate Concerns OPEC’s fourth-largest producer currently, Kuwait, may revise down its long-term oil capacity production targets due to concerns that environmental risks will limit oil demand growth, in what would be a first acknowledgement from an OPEC member that climate change could stifle oil demand. Click […]
