Oil prices went below $80 a barrel today, with speculation that President Biden could release oil from the U.S. Strategic Petroleum Reserves. On Sunday, Senate Majority Leader, Charles Schumer asked the Biden administration to tap into the reserve before the holiday season. “We’re here today because we need immediate relief at the gas pumps and the […]
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Today, West Texas Intermediate crude futures traded as high as $76.98, the highest price per barrel since November 2014. On Monday, news of OPEC+ not increasing oil production hit the news. OPEC+ cut production by nearly 10 million barrels a day, in April 2020 to support lower demand from the pandemic. OPEC+ has been meeting […]
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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 […]
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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?
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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 […]
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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?
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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 […]
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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 […]
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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.
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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.
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