Earlier this week, the U.S. and Germany announced they would come to an agreement resolving the long dispute over Russia’s $11 billion Nord Stream 2 pipeline project. The project is an offshore natural gas pipeline that runs under the Baltic Sea from Russia to Germany. The project began in 2018, with plans for completion sometime […]
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OPEC+ has decided today to gradually increase oil production August through December to take advantage of higher oil prices, but the market is still trading higher. How can that be?
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Last Friday China’s National Petroleum Corporation made a significant discovery while drilling in the Tarim Basin located in the Fuman Oilfield area of the Xinjiang Uyger Autonomous region. In their drilling efforts, China uncovered a new 1-billion-ton oil and gas area making it the largest discovery in over 10 years. The Furman Oilfield is one […]
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Last December when the Pfizer and Moderna COVID-19 vaccines were issued emergency use authorization by the U.S. Food and Drug Administration (FDA), many of us thought the summer of 2021 was going to be an explosive driving season. That is certainly shaping up to be the case and fuel supply is struggling to keep up […]
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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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Oil prices have remained rangebound over the past month between $57 and $64.50/barrel, but might determine its next direction by the end of this week due to a few upcoming catalysts.
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Today the Biden Administration discussed easing sanctions against Iran which would include oil as a key element. After a five day talk in Vienna this week, leaders returned home feeling optimistic after discussions that President Biden wants to return to the 2015 nuclear agreement that the U.S. withdrew from during the Trump administration in 2018.
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Now that the Ever Given has been dislodged from the Suez Canal, the oil market can look forward to the OPEC+ meeting on Thursday and the outlook for possible resurgences of COVID-19 to determine future price direction.
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Last week, three ships carrying ethanol from the U.S. Gulf Coast were headed to China. Reuters confirmed, from multiple sources, that this is a sign that fuel exports were increasing from the U.S. to China. These ethanol shipments may be enough to surpass the total amount of ethanol exported from the U.S. to China in […]
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With COVID-19 still dominating the headlines, this time with vaccination news, it is easy to lose sight of other note worthy incidents that would typically make headlines surrounding the crude industry. According to the Wall Street Journal, Iranian oil tankers have been struck by the Israeli Army, which were headed towards Syria over the last […]
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