Oil prices hit a high this morning of $105 a barrel for the first time since 2014. This comes after Russia launched their invasion against Ukraine by land, air, and sea in the biggest attack in Europe since World War Two. With Russia being one of the world’s largest energy producers, the prospect of war […]Read More
Oil Prices Have Consolidated, Now What?
When news of how potentially devastating COVID-19 could be started spreading in February 2020, oil prices were at $53/barrel. This was prior to the OPEC+ price war between Russia and Saudi Arabia that occurred in March and resulted in Saudi Arabia drastically increasing oil production after Russia refused to reduce output. We all know that […]Read More
Will the Oil Rally Lose Steam?
Ever since WTI crude oil prices broke out above the $32/barrel level in May, we have been on a steady grind higher. The question is, will this continue?Read More
Will the Oil Rally Lose its Luster?
As we near the end of May, we will put behind us one of the most bullish rallies for the WTI crude oil contract in history with crude jumping almost 75% this month alone. Of course, with WTI prices currently trading at $33.33/barrel, that’s not saying much, as it is widely perceived the breakeven price […]Read More
Despite Largest Weekly Stock Build Ever, Oil Moves Higher
United States crude oil inventories rose by the most on record last week. So why is the crude oil market rallying today, and is it sustainable?Read More
Iranian General Killed, Cause for Oil Prices Sudden Increase
Qassem Soleimani, the head of Iran’s elite Quds military force and one of the most powerful figures in the Islamic Republic, was killed Thursday night in an airstrike in Baghdad, the U.S. Defense Department confirmed. The death of such a powerful figure in the Iranian landscape raises questions about instability in a region which supplies about […]Read More
Will the Oil Demand Continue?
According to a global energy industry forecast, oil growth will continue to soar until the 2030’s and climate-damaging emissions will keep climbing until at least 2040. The World Energy Outlook is not only closely watched by the oil industry but also the governments due to its relevance to climate policy. The International Energy Agency said […]Read More
Seasonally Low Level of Diesel Inventories is Concerning
As everyone woke up to the first punch of winter weather this morning, as a fuel distributor, it certainly makes us think about the low level of diesel inventories in PADD 1 and the potential impact it will have on our customers this winter.Read More
Trade Optimism and Oil Tanker Attack Send Markets Higher
The bulls are off and running today because there is a bevy of bullish headlines including optimism over a U.S./Chinese trade deal and a missile attack on an Iranian oil tanker.Read More