WTI Crude oil prices topped $93.50/barrel on Monday and now trading at $86.21/barrel at writing. Why the significant drop? Let’s look at the fundamentals and the technical for an explanation. From the fundamental perspective, China re-affirmed its stance this week on its zero-COVID policy strategy that when a few cases are confirmed, a lockdown of […]
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Why all the heartburn? Are you struggling to get the fuel you need? Are your fuel deliveries late because you’re not under contract? Don’t let Low Fuel Inventory keep you up at night. Let’s describe why the fuel market is tight: U.S. refinery utilization has averaged 91.2% Refinery production is essentially maxed out domestically Distillate […]
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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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The diesel future markets show signs of strength; however, prices have been on the decline over the last eight weeks with $5 per gallon diesel. According to FleetOwner, the average national diesel price on September 12th was $5.01 which is down two cents from the day prior and five cents from the average a week […]
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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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The onset of COVID-19 ravaged the oil industry and put an abrupt stop to the longest bull market run in history. Oil and gas companies are making massive cuts to combat the low demand as a first step to recovery.
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The CNOOC, China National Offshore Oil Corporation, has made a significant gas discovery in the central North Sea. The CNOOC, joined by Joint Venture (JV) partners Total and Edison, estimate the find to potentially 250 million barrels of oil. Glengorm, potentially the biggest find since 2008, sits 118 miles east of Aberdeen, Scotland close to […]
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Good news for those traveling next week. Oil prices have fallen considerably which is impacting gas prices. Currently, the national average gas price is $2.68 a gallon. While this is higher than the price drivers paid last Thanksgiving, the national average was $2.52 a gallon, it’s still lower than this year’s high of $2.97 a […]
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On September 17th I wrote about “Relief at the Pumps,” talking about lower gas prices are on the way. Since then retail gas prices have moved higher. In Pittsburgh, PA 87 grade Unleaded gasoline prices are now averaging $3.15 per gallon with a high of $3.239.
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