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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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With growing oil demand still outweighing supply, the price of crude has officially reached eight-year highs. Last week, WTI broke the $85/barrel threshold, while Brent traded at $87/barrel. As major investment banks warn that crude may climb to $100/barrel, questions have been raised about how U.S. oil producers might be hedging the forward curve and […]
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As I mentioned in my Blue Skies Ahead for Crude Oil? – Guttman Energy blog post on December 22nd, WTI was trading around $71.80//barrel, above its $71.38/barrel moving average. If it settled above that level for a few days, we thought that the temporary lows were put in and we were on the way higher […]
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With oil prices hitting 7-year highs just a month ago, world leaders including U.S. President Joe Biden are considering a strategic release of petroleum reserves as a reprieve to high prices and inflationary pressures. Does this really mean oil prices have topped?
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Crude oil production has picked up again as we approach pre-pandemic levels. Refineries continue to see an increase in demand across Asia, Europe and the US. Unfortunately, natural gas prices simultaneously continue to increase leaving some concern for Q4 and how much it will affect supply.
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