After learning about PADD 1 and PADD 2 in detail, it’s time to dive into PADD 3 (Gulf Coast), which is the powerhouse of the US oil industry. From oil production in West Texas to refining and exports, the Gulf Coast sets the trend for nearly all facets of the American energy industry. Today, we’ll […]
All crude oil is not made equal. Virtually every producing country has its own unique blend of crude that it trades – from Western Canadian Select to Saudi Arabia’s Arab Extra Light. They each have their own unique price based on quality, geography, and availability. Among all the crude contracts of the world, two stand […]
Yesterday, oil prices closed at $88.54, the first time WTI crude has dipped below $90/bbl since two weeks before Russia invaded Ukraine. Diesel is trading at its lowest point since April, while gasoline is at its lowest since late February. Despite the spate of bullish factors on the supply side – a floundering US-Iran nuclear […]
Oil markets are seeing large losses this morning as economic concerns continue to weigh. While US economists are still debating on whether the US is in a recession, data from other countries show more concrete evidence of a weakening landscape. A new report from S&P Platts shows that European manufacturing contracted in July for the […]
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 […]
WTI Crude opened the week at $67.71. Prices steadily dropped throughout the week falling Monday’s opening price. Crude opened Friday at $64.05, a decrease of $3.66 from Monday. Diesel opened the week at $2.0689. Similar to crude, diesel fell throughout the entire week. It opened Friday at $1.9642 a decrease of $0.1047 from Monday. Gasoline […]
WTI crude trading trends suggest a U.S. oil supply crunch as driving season nears A key price spread in the market for West Texas Intermediate crude is signaling that oil traders are bracing for a potential supply crunch just ahead of the busy summer driving season that sparks a demand surge. The June-July WTI time-spread, […]
After moderate gains early this morning, the oil complex is trading sideways to open the new week. Most indicators from the weekend suggest higher prices for the week. The US Dollar is creating tailwinds for oil; after rising to the highest level since July last week, USD losses this morning are propping up commodity markets. […]
Yesterday, the bottom fell out of WTI Crude prices unlike ever before. Prices opened substantially lower, fell to the $.01 bargain bin, then crossed the fateful line into negative territory. But before you assume that fuel suppliers will start paying you to take their diesel and gasoline away, it’s essential to understand why the drop […]
The crude market was down for the week and continues its downward trend in early trading this morning. The major news moving markets this week was all about the coronavirus and its rapid spread outside of China. South Korea, Iran, Italy and Japan among others, are all taking major steps to slow the spread of […]
