They say fuel prices shoot up like a rocket and fall like a feather. We’ve seen yet another example of that this week as the benchmark diesel price used for fuel surcharges has eclipsed $4 per gallon. This is about a 20-cent increase from the prior mark of $3.89. While several factors can impact this […]
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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 […]
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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 […]
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Crude traders continue to remain bearish in 2Q23 despite some positive indicators that would otherwise dictate a bullish market. Fundamentals are providing support but are yielding to news cycles and the rumor mill. Expectations remain in high hope for crude as we turn into the latter half of the year, but traders remain convincingly bearish. […]
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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 […]
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The new year roared in somewhat uneventful in the commodities market. The markets seemed to be finding a stride, finding their way back to fundamentals and technical data while straying from a 2-year pattern of extreme volatility. 2023 seemed like it was going to yield markets that would follow norms, the usual prior to February […]
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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 […]
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After a volatile year for consumers at the pump, gasoline prices are now lower than they were at this time last year. According to AAA, the price per unleaded gallon was $3.329 last week, below the $3.343 per gallon price a year ago. The national average could drop to below $3 per gallon by Christmas, […]
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With the new $60/BBL oil price cap on Russian oil exports now in place, Russia says it will not impact their production. The move did however create a bottleneck of oil tankers in Turkey as Russian oil tankers significant drop in its oil production or exports.[1] [1] https://www.cnbc.com/2022/12/07/eu-sanctions-russian-oil-price-cap-cause-crude-tanker-bottleneck.html Since the oil price cap, 35 tankers […]
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As we near the end of a volatile 2022, who would have thought NYMEX diesel prices would be trading at pre-Russia-Ukraine war levels? The answer is not a lot of people, yet here we are. NYMEX diesel prices are trading at $2.8860/gallon today, right at the levels we were trading at on February 24th when […]
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