United States shale oil producer CrownRock has agreed to be purchased by Occidental Petroleum in a stock and cash deal valued at $12 billion dollars. CrownRock is a major privately held energy producer that operates in the Permian Basin. This deal expands Occidental Petroleum’s presence in the largest shale oilfield in the United States. The […]
Read More
In the ever-volatile world of energy markets, a recent development has sent shockwaves throughout the industry. Cushing oil stocks, a critical indicator of oil market stability, have plummeted to near-historic lows. This sudden turn of events has caught the attention of both investors and analysts alike, leaving many wondering about the implications for the global […]
Read More
Crude oil is having an uncharacteristic mid-summer surge, providing commodity markets volatility, and driving refined products pricing higher. The outlook has been bullish for crude and refined prices for late 2024, despite global recessionary fears, and this may only be the beginning of the rise of crude oil. Numerous factors are behind the sudden rise […]
Read More
The oil industry has two main, widely-used fuel indices, Argus Media (“Argus”) and S&P Global Platts (“Platts”). Each of these two companies report daily price assessments for oil products, as well as other commodities, worldwide. These assessments are compiled, throughout the day, of the numerous bulk trades being completed by commodity traders and give refiners, […]
Read More
WTI = purple, Brent = Yellow Looking at global happenings Late last week, crude oil prices hit a 15-month low as news spread of the Silicon Valley Bank collapse, instilling fears throughout Wall Street of more banking troubles to come in the near future. At the low on Friday, Brent and WTI crude were off […]
Read More
For the fourth straight week, gasoline prices have risen according to data from AAA on Monday. Gasoline prices have risen 32.7 cents over the last month as crude prices also have increased. Over the past week alone, gasoline is up 11.8 cents which is 9.4 cents higher than they were a year ago before the […]
Read More
Crude Oil prices have stabilized for now, but what is next for the energy patch? After a questionable sell-off at the end of November and early December, WTI crude prices have begun to stabilize. We are trading at $78.02/barrel today, up $1.93 on the day after going as low as $70.37/barrel earlier this month. Part […]
Read More
WTI Crude oil prices topped $93.50/barrel on Monday and now trading at $86.21/barrel at writing. Why the significant drop? Let’s look at the fundamentals and the technical for an explanation. From the fundamental perspective, China re-affirmed its stance this week on its zero-COVID policy strategy that when a few cases are confirmed, a lockdown of […]
Read More
Following shortly after the OPEC October 5th announcement that they would be cutting production by two million barrels per day were revelations that the Biden administration had met with Saudi Arabia prior to the decree and made their expectation clear: delay your cartel’s decision for a month. The White House reportedly cited three reasons for […]
Read More
Over the past week, WTI crude oil has traded in a range of $11/barrel, Heating Oil $0.59/gallon, and European natural gas €118/MWh. This is extreme energy volatility, even from what we’ve seen earlier this year, as traders begin to position themselves ahead of the OPEC+ decision, the perceived weakness in Chinese oil demand, and less […]
Read More
