On June 23rd, Energy Secretary Jennifer Granholm and other Biden administration officials met with top oil CEOs from Chevron, Phillips 66, BP, Shell and ExxonMobil. Last week, in a letter to several major refiners and oil companies, President Joe Biden called for industry giants to use “historically high” margins to help ease the pain at […]Read More
Trade War Takes a Back Seat to Oil Fundamentals
PES Refinery Update
Philadelphia Energy Solutions (PES) announced the closing of their doors a couple of weeks ago, but there was, and still is, a lot of uncertainty for what that means for the future of the union workers and the physical plant itself. PES recently announced its commitment to extend pay for union workers through August 25th, […]Read More
Diesel Prices Heading Higher by 2020?
Analysts are getting increasingly worried that the refining industry will not be prepared in time to meet the lower sulfur regulation under the new International Maritime Organization (IMO) set to begin January 1, 2020 and will subsequently increase diesel prices in relation to crude oil.Read More
IMO Fuel Compliance 2020
Sharp Rally, Now What?
After a sharp rally to begin the year, oil prices have been trading in a tight range over the past two weeks and are waiting for their next cue to determine price direction.Read More
Everything’s Bigger in Texas
Earlier this week the EIA stated that oil terminals on the Texas Gulf Coast exported more crude oil than they imported in April of this year; surpassing imports by 15,000 bpd. A month later, the spread between imports and exports in Texas widened to 470,000 bpd which contributed to the U.S.’ record setting crude oil […]Read More
Who Let the Bulls Out?
The oil market is rallying today primarily because of a sizable crude oil draw reported by the DOE, a softening dollar, and bullish OPEC comments.Read More
Commodity and global equity markets got smoked yesterday due to a surge in the U.S. dollar index which was perpetuated by fears of Turkish contagion and a surprise build in crude oil inventories.Read More