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 […]
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OPEC+ delegates are meeting in person in Vienna on Wednesday, and it is widely expected that they will announce production cuts. Oil prices have experienced a substantial decline over the past few months, and the cartel views this as a way to prop up oil prices. Despite the announcement grabbing headlines, analysts and economists are […]
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As the prices of oil and gas continue to affect households across the United States, some are fearing Hurricane Ian could send the costs of these essentials even higher. On Wednesday, Ian, a category 4, sustained winds of 150 mph as it hit the Florida Gulf Coast. Also on Wednesday, President Biden warned oil and […]
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European countries are scrambling to investigate two mysterious gas leaks in major Russian pipelines running below the Baltic Sea. You may recognize the “Nord Stream” name from current events: the two natural gas pipelines have been frequently mentioned as tangential casualties in Russia’s invasion of Ukraine. As the European Union (EU) countries have stepped up […]
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During the most recent OPEC+ meeting in August, the organization announced a plan to cut production by 100,000 barrels per day. At the time, Brent crude oil prices were around $95 per barrel and steadily declining. In the days following the announcement, prices went back up to around $100 per barrel. Since then, prices have […]
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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 […]
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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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There have been blockades at 3 crucial border points between the US and Canada for nearly a week due to protests regarding the vaccine mandates in Canada. While two of them, one at Coutts and one at Emerson have dispersed, one remains at Ambassador Bridge bordering Detroit and Ontario. According to CNN Business, the US’s […]
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The U.S. Gulf Coast was hit by Tropical Storm Cristobal yesterday, causing offshore oil production to shut down by almost 24%, equating to more than 430,000 barrels per day. According to the U.S. Bureau of Safety and Environmental Enforcement (BSEE), this was a 140,000 barrel per day improvement compared to June 9th. Occidental Petroleum, BP, […]
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OPEC+ reached an agreement to cut 9.7 million barrels per day (mb/d) beginning in May which is a record-breaking cut, but it still may not be enough to stabilize the market. U.S. Secretary of Energy Dan Brouillette said that the total number of cuts globally, when you add in all the non-OPEC countries, should be […]
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