Oil at Six-Year High

Today, West Texas Intermediate crude futures traded as high as $76.98, the highest price per barrel since November 2014.  On Monday, news of OPEC+ not increasing oil production hit the news.  OPEC+ cut production by nearly 10 million barrels a day, in April 2020 to support lower demand from the pandemic.  OPEC+ has been meeting […]

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Sour Vs Sweet

A few days ago, the Maran Apollo, a 1,100-feet long oil tanker, left the U.S Gulf of Mexico for the Chinese port of Rizhao hauling a cargo of two million barrels of U.S. crude. Sitting for almost two months, the supertanker held demand-less crude during the coronavirus outbreak. This crude sitting on the tanker is […]

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Crude ‘Coaster Adrenaline

Much like some of the most daunting roller coasters in the world, crude oil has provided adrenaline building hill climbs, steep drops, twists, and turns.  Historically, you will be hard pressed to find a more erratic fuel market than the one we have witnessed over the past few months. COVID-19 has sparked drastic demand destruction, […]

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Tanker Ship Parking Lot

The sharp decline in oil demand from China due to the coronavirus is causing oil cargoes to be stranded off the country’s coast and across Asia.  Last week, OPEC lowered its forecast for global oil demand by nearly a quarter million barrels per day as the pandemic of the coronavirus has crippled fuel consumption in […]

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Is the U.S. a Net Oil Exporter?

The United States has significantly ramped up oil production over the past decade, but just how far have they come?  Depending on how you view oil production, the U.S. has just become a net oil exporter for the first time in 70 years.  Bloomberg describes the U.S. as a net petroleum exporter, but Forbes is […]

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Oil Output Falls in November

A recent survey conducted by Reuters found that OPEC oil output has dropped during the month of November from October by 110,000 barrels per day (bpd). The cause is from Angola Production fell due to maintenance, along with Saudi Arabia halted supply output before the initial public offering of state-owned Saudi Aramco.

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Breaking the Price Surge

Today, oil prices dropped to $83 a barrel after the United States said it is actively considering waivers on the oil sanctions against Iran, potentially easing the current strain on supply and allowing Iranian oil exports to keep flowing.

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Rallying To The Top?

Yesterday, oil prices rallied towards their highest levels this year after the Department of Energy (DOE) reported a weekly drop in US crude oil inventories. Also, the prospect of losing Iranian supply added to concerns over the delicate balance between consumption and production.

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