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
The Willow Project
Monday, March 13, 2023 the Biden administration announced plans of approval for the Willow oil and gas drilling project in Alaska proposed by ConocoPhillips. The $7 billion project which is estimated to yield 600 million bbls of oil, is located in a 23 million acre area of Alaska’s North Slope. ConocoPhillips touts the $17 billion […]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 Off the Lows, But for How Long?
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
Why Fixed Fuel Pricing?
Did you know that crude oil is now trading lower than when the Russian/Ukraine war began? Do you feel like it would make sense to lock in fixed a rate at a lower cost? What role do other global markets have on the cost of fuel? How has the market effected your budget? Crude oil […]Read More
Crude Oil Crushed
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
United States Considers Consequences for Saudi Arabia After OPEC Production Cut
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+ Production Cuts Rallies Market
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
Extreme Energy Volatility is Back
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
With crude and retail prices dropping, what does the future hold for consumers?
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