Week in Review – July 15, 2022

This week saw yet another selloff in fuel markets, echoing last week’s drop and recovery pattern. Like last week, prices are rising once again on Friday. This time around, though, crude oil has not quite recovered the $100/bbl mark. This week brought news that inflation has climbed to 9.1% year-over-year, the highest reading in decades. […]

EIA Expects Summer U.S. Real Gasoline and Diesel Prices to Be the Highest Since 2014

Source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO) In our Summer Fuels Outlook, a supplement to our April 2022 Short-Term Energy Outlook, we expect retail gasoline prices to average $3.84 per gallon (gal) this summer driving season, April through September, compared with last summer’s average price of $3.06/gal. After adjusting for inflation, this summer’s forecast national […]

Sanctions, Sanctions, And More Sanctions

After world leaders such as Biden and French President Macron have called Putin and the Russians “war criminals” for their crimes in Ukraine, more sanctions are now on the way. Markets are reacting this morning by elevating slightly due to concerns that new United States and European sanctions will make supply even tighter, leading to […]

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 […]

Fed Approves Interest Rate Hike – First in Over Three Years

This morning oil prices are rising again, jumping up around 6% from yesterday after three straight days of losses. The International Energy Agency (IEA) warned of “the biggest supply crisis in decades” as Russian exports are set to drop by 3 million barrels per day next month. It’s a sign of recent volatility that diesel […]

Biden Calls for Diplomatic Meeting with Putin

This morning oil prices are up as an imminent Russian invasion of Ukraine is becoming more likely. In the wake of tensions between Russia and NATO, President Biden and his administration have called for an in-person meeting with Putin to discuss diplomatic solutions to prevent war in Europe. Biden’s meeting is contingent on Russia not […]

Geopolitical Tensions Flair in Saudi Arabia, Ukraine

Yesterday, oil prices eked out moderate gains, extending the streak of gains to four days. The US economy is on a hot-streak, and a strong jobs report maintained the upward momentum. While traders are primarily focused on the economy and vaccine rollouts, there’s also plenty of old school geopolitical risk to stoke concerns, too. Saudi […]

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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