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
OPEC+ alliance announced a production cut of 2 million barrels per day on Wednesday, October 5, which is shy of the 1 million barrel per day cut the market expected. As a result, oil prices have rallied substantially over the past week. This supply cut has intensified tensions between Saudi Arabia and the U.S. Administration […]
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
Crude and retail prices, despite the usual market fluctuations, have been on a steady decline over the last two months. Brent crude peaked in early March at over $125/barrel and exceeding $120/barrel again in June. WTI crude was much the same, surpassing $120/barrel in both March and June. Brent and WTI, year-to-date, have hit 28 […]
Read More
It has been over 4 months since Russia invaded Ukraine late February and crude oil prices are finally close to where they were pre-war, but where do we go from here? WTI crude oil prices are trading sharply lower today, down $7.86 at $96.23/barrel. Before Russia invaded Ukraine on February 24th, crude oil prices were […]
Read More
Last week, Saudi Aramco surpassed Apple as the world’s most valuable company in the world. Aramco’s market valuation was just under $2.43 trillion when they surpassed Apple, which dropped 5% during trading last week and now has an evaluation of $2.37 trillion. Apple topped Aramco for title of world’s most valuable publicly traded company in […]
Read More
There is an endless supply of breaking news events that are impacting the oil market daily. China, India, OPEC, inflation, South America, and of course, the Russia/Ukraine war are all big item headlines that have gotten us to a market where both WTI and Brent have climbed above $114/BBL. Let’s explore some of these headlines […]
Read More
Most Americans have by now felt the impact of the ever-rising gas prices at the station. The national average is $4.305/gallon. With record-high levels in recent days, Americans are eager for relief. Given all the rhetoric surrounding gas prices, when can we expect to realistically see relief at the pump? Media is highlighting the Russian […]
Read More
The latest data from the Energy Information Administration (EIA) from January 14th showed a small crude inventory build of 500,000 barrels. This has been coupled with a large increase of gasoline which added 5.9 million barrels. Even with this inventory build, United States commercial petroleum stocks have declined most of the past eighteen months. The […]
Read More
