Depending on where you live in the world, you might have one of two radically different views of oil markets. Yesterday, the Executive Director of the International Energy Agency, Fatih Birol, warned that the world may be facing the “first truly global energy crisis.” He added that recent OPEC supply cuts are “especially risky” given […]
The major oil market reports were all released this week, bringing updates from the EIA, OPEC, and the IEA. Every month, these three massive reporting agencies release a report on the state of global energy markets, including forecasts of supply and demand. So what does each agency say about the current market situation? EIA: The […]
Yesterday, OPEC+ agreed to a production cut of two million barrels per day (MMbpd) – larger than the expected 1 MMbpd cut. Particularly surprising was how the cuts were made. Rather than applying more of the cuts to countries that are already underproducing (such as Nigeria, Russia, and Kazakhstan), the cuts were proportionally divided among […]
After the market hit 9-month lows last week, this week brought a return to elevated prices. Crude oil rose back above the $80/bbl level, and diesel prices lept thirty cents above last week’s low. As has been the case for the past few months, the shifting focus from economic woes to physical fuel tightness has […]
The diesel crisis continues even as gasoline markets are slumping. OPEC+ barely moved to increase its output goal, keeping global markets tight. And the US and Iran are heading back to the negotiation table, following the US tightening sanctions. Let’s unpack the day’s news. Yesterday, the EIA published its weekly report which showed a headline […]
Welcome to our continuing FUELSNews series: What Is It Wednesday. Each week, we’ll pick a fuel industry topic to explain, so you can learn more about the market and what drives it. Why do the decisions of one organization create ripples throughout oil markets, causing prices to double or halve over time? Well, when […]
During a time with consumers seeing some of the highest oil prices in recent memory, the Biden Administration now seeks the help of the industry he spent much time trying to change. The Biden 2021 election campaign focused heavily on curbing climate change by regulating the oil and gas industry. He now faces an even […]
Following a long holiday weekend, fuel markets are opening this morning with moderate losses. Repair efforts continue in Louisiana and Mississippi – nearly half a million remain without power, and 84% of offshore crude oil production is offline. For refiners, a bit over half of the 2 million barrels per day taken offline by the […]
Although the morning opened with a steep selloff, prices have recovered most of those losses. Prices leaped higher as Hurricane Ida approached the Gulf Coast, but gains are subsiding slowly. After dropping $1/bbl this morning, crude oil has narrowed losses to just 30 cents, while fuel prices are less than 2 cents down. Although refinery […]
Oil Prices Fall 1% As White House Presses OPEC+ to Boost Output Oil futures retreated Wednesday after news reports said the Biden administration would press the Organization of the Petroleum Exporting Countries and its allies to further boost output. “We are engaging with relevant OPEC+ members on the importance of competitive markets in setting prices,” […]
