Week in Review – July 22, 2022

This week saw a general downward trend, with a variety of bearish headlines keeping markets suppressed. The economy remains the focal point, with Europe, particularly under scrutiny. High energy costs and sanctions have severely harmed European manufacturing and services, slowing growth. In the US, high fuel costs have caused demand to plummet – for the […]

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) […]

Citi: Recession Could Cause Oil to Fall 40%

After a long trading holiday for US markets over the July 4 weekend, prices are trading sharply lower as traders continue pricing in the risk of an economic recession. Also contributing to the downward market is the return of 450+ thousand barrels per day (nearly 0.5% of global supplies) from Ecuador, where protests have ended […]

Mid-Week Review – December 18, 2019

Oil settles higher for a 4th session in a row Oil futures on Tuesday posted a fourth consecutive gain, building on a rally that has lifted prices to their highest levels in three months in the wake of a “phase-one” U.S.-China trade deal.  Click here to read more from MarketWatch. US proved oil & gas […]

Mid-Week Review – November 6, 2019

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 […]

Mid-Week Review – October 2, 2019

Oil prices drop after reports Saudi Aramco has restored output capacity to pre-attack levels Oil futures sank on Monday, sending U.S. prices to their lowest settlement in a month, after reports that Saudi Aramco has fully restored production capacity that was lost to the crippling attacks on Saudi oil facilities earlier in September.  Click here […]

U.S. Oil Stocks Jump, Force Prices Down

Oil prices collapsed on June 7th. They had been on a downward path since the close of the OPEC-NOPEC meeting on May 25th, but news of a potentially large drawdown in crude stocks appeared to arrest the downward trend on Tuesday, June 6th. The American Petroleum Institute (API) reported that crude inventories dropped by 4.6 […]

Major U.S. tight oil-producing states expected to drive production gains through 2018

In EIA’s January Short-Term Energy Outlook, U.S. crude oil production is forecast to increase from an average of 8.9 million barrels per day (b/d) in 2016 to an average of 9.3 million b/d in 2018, primarily as a result of gains in the major U.S. tight oil-producing states: Texas, North Dakota, Oklahoma, and New Mexico. […]

Weekly Price Review

By Dr. Nancy Yamaguchi Oil prices opened the week at $52.55 on Tuesday following Martin Luther King Day in Monday. Prices were flat on Tuesday, but they slid to around $51/b on Wednesday. Prices on Thursday and Friday crept back into the neighborhood of $51.50. Today’s crude and product prices are continuing to increase, but […]

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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