Oil markets are sinking lower today, breaking from the sharp rally experienced over the past few days. Of course, warmer weather in Texas will allow oil production and refining to eventually return to normal. Crude production will resume sooner than refining, which will send crude prices lower and propel crack spreads higher. Gulf Coast refiners […]
Oil prices continue climbing as the Texas market suffers from wintery weather and devastating power outages. Crude production outages are now over 4 million barrels per day – roughly 40% of US oil production. Given America’s status as an oil exporter, the outage will have international repercussions. Originally expected to last mere days, analysts now […]
Though yesterday saw prices make a slow start, WTI crude moved higher throughout the day to close above $60/bbl for the first time since January 2020. This morning has seen the market flip flop between gains and losses as traders try to make sense of the winter storm plaguing the US. Reportedly one-third of all […]
Hang on for wild oil, copper ride in commodity supercycle: Goldman’s Currie The oil market is being swept up in a commodity supercycle, with huge upside risk to a target price of $65/b, according to Jeff Currie, head of commodity research at Goldman Sachs, who added key metals such as copper are already at supercycle […]
Frigid temperatures throughout the US created havoc for oil markets, increasing heating oil and natural gas demand. The winter storm shut down several hundred thousand barrels per day of Texas oil production (references to “hell freezing over” come to mind), and the state is seeing 30-yr record low temperatures. With supplies cut, WTI crude oil […]
