In 2021, fossil fuels is a phrase that carries negative connotations. In the push for renewable energy, electric cars, ESG, and Green New Deals, the public has indulged themselves with feel-good initiatives, buzz words, and click-bait talking points without taking into consideration the real-world ramifications these plans have. There will always be a strong need […]
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The destruction caused by Hurricane Ida when it made landfall August 29 has led to the largest ever initial loss of crude oil production in the Gulf of Mexico. Hurricane Ida has been responsible for the loss of 16.8 million barrels per day (bpd) of output in the near two weeks since the first production […]
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China’s economic outlook and the Delta variant tanker were the most recent forces that led to crudes slip to open the month of August. Brent crude at writing was lower by 2.02% at $73.89/bbl while WTI slipped 2.31% and fell to $72.24/bbl. In mid-July OPEC+ met to discuss growing demand and supply increases. After some […]
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With a lot of market uncertainty right now because of the COVID-19 delta variant, some great news came from Boeing today reporting their first positive quarter in over a year. In the second quarter of 2020, they had a net loss of $2.96 billion. This year’s second quarter Boeing reported a profit of $567 million. […]
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OPEC Plus “Cuts” Deal to Boost Supply OPEC and its “plus” allies have reached another covid-induced agreement, but this time it will not be more production cuts. For the second time since the covid pandemic began, the OPEC plus members will be reversing the reductions and beginning to increase production. The increases are scheduled over […]
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Oil prices have reached a 6 year high following the end of discussion between OPEC and other nations known for oil production. They reached a conclusion that there will not be an increase of 400,000 barrels per day. Failure to reach an agreement is based off of a split in OPEC between the United Arab […]
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Americans are seeing the highest increase in gasoline prices since 2014. The price of gas has increased almost a dollar since last year. The national average price per gallon of regular gas is $3.12 a gallon as of last Thursday. Analysts say it is expected that in July and August hundreds of thousands of barrels […]
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Last Friday China’s National Petroleum Corporation made a significant discovery while drilling in the Tarim Basin located in the Fuman Oilfield area of the Xinjiang Uyger Autonomous region. In their drilling efforts, China uncovered a new 1-billion-ton oil and gas area making it the largest discovery in over 10 years. The Furman Oilfield is one […]
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Unless you have been living under a rock, it is no secret crude oil has been on a tumultuous ride. Crude has long been a commodity that follows up and down trends on traditional cycles. The seven-year boom followed by a year of bust broke cycle in 2015 and saw the oil and gas sector […]
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As COVID-19 vaccine distribution continues to roll out, global markets underestimated the demand for oil as the economy reopens for business. Goldman Sachs is expecting Brent crude to hit $80 per barrel and forecasters remain optimistic that prices will stay above $70 per barrel by mid-2021.
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