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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A sharp rise in global Omicron variant cases has sent oil prices tumbling. At the time of this writing, WTI crude is trading at $66.77, down $4.09 for the day. The United States hasn’t committed to new lockdowns; however, many other countries are implementing new policies that will certainly lead to demand destruction.
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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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Today marks the longest stretch of daily declines in oil prices since 2019 as concern continues to grow about global energy demand. West Texas Intermediate (WTI) dropped for the seventh day this week leading to a weekly loss of 7.3%. Oil prices took a hit this month caused by speculation that the Federal Reserve will […]
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As COVID-19 vaccine distribution continues to roll out, global markets underestimated the demand for oil as the economy reopens for business. Goldman Sachs is expecting Brent crude to hit $80 per barrel and forecasters remain optimistic that prices will stay above $70 per barrel by mid-2021.
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2020 saw demand destruction caused by the pandemic, in particular, Canada saw a decrease of 20 percent in crude oil imports. During 2020, the United States solidified themselves as a top supplier to Canada as they supplied nearly 80 percent of all barrels going into Canada. While Canada is a major producer of crude, they export […]
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