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,” […]
Fuel prices are retreating a bit this morning, offsetting yesterday’s 3-4 cent gains. The White House is calling on OPEC to loosen their quotas, with officials at different levels reaching out to OPEC colleagues. Biden administration officials noted that OPEC+’s 400-kbpd supply increase does not go far enough to balance the market. Previous calls (and […]
Today, the oil market enters a new week with brand new decisions being reached over the weekend by OPEC+. The group of 24 oil-producing nations and their ministers agreed on Sunday to boost oil supply starting in August, in hopes of putting a damper on oil prices that recently reached 2 ½ year highs. This […]
Oil prices are turning lower this morning, following news that OPEC may finally be near an agreement to increase production for the remainder of the year. Saudi Arabia and the UAE have been at odds for the past two weeks, derailing members’ consensus to increase output by 400 kbpd each month between now and December. […]
This morning prices fell as the world has seen a heavy increase in COVID-19 variant cases. These new strains, along with already tight supply and demand, have started to concern investors. Today crude opened at $74.74, diesel at $2.1527, and gasoline at $2.2869. One of the biggest threats to the market right now is the […]
After a long string of oil price gains, oil prices fell this week as the OPEC meeting last week crumbled. Although the group was voting on increasing production – and thus no vote means less production, which should cause higher prices – the market reaction has been bearish. Traders fear that the UAE and other […]
For a third day straight, oil prices have fallen since OPEC failed to reach a production increase agreement earlier this week. This morning crude opened at $72.17, diesel at $2.0849, and gasoline at $2.2049. Analysts suggest an agreement to raise production may be out of the question for the near-term, as Saudi Arabia and the […]
