Category: Crude Oil

U.S. fuel prices have climbed to their highest levels since the Iran war began in late February, with diesel setting fresh all-time records and wholesale costs now exceeding the peaks seen before the first ceasefires.

Clark Savage130

How high they go from here, and how long they stay elevated, depends less on crude alone than on a global refining system that is already running near its limits. Energy analyst John Kemp noted Wednesday that the combined cost of U.S. crude and refining margins is now higher than in early April. So far […]

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Canada’s Tariff Strategy Designed To Interfere With U.S. Midterm Elections. How many jobs will be sacrificed for Carney to win?

Clark Savage104

Late last month, Prime Minister Mark Carney pulled Canadian negotiators from the table and walked away from what the White House called the most preferential market access any country had received. The United States had proposed deep cuts on steel, aluminum, autos, lumber, and more. Carney rejected it. On September 8, Canada’s dollar-for-dollar retaliatory tariffs […]

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China Crude Buying Jumps, and Fuel Exports Jump 29% – Jeff Curry is Spot On. It’s about the lack of refining capacity.

Clark Savage142

Chinese refiners are stepping back into the crude market while flooding product markets with extra gasoline and diesel, just as the rest of the world is running short of both barrels and refining capacity. August data show crude imports rising 6.2% from July to 8.93 million barrels per day, while refined product exports jumped 29% […]

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WTI is trading in the low-to-mid $90s this week and is more likely to test $93–$98 than to sustain a move above $100 unless there is a sharp new disruption.

Clark Savage167

Physical tightness, high product cracks, and China’s selective rebound in buying are supporting prices, but inventories, China’s still-subdued import volumes, and the existing backwardation already price in a good deal of risk. What the OilPrice article and related reporting show The Sept. 7 OilPrice piece (and the overlapping Bloomberg coverage it draws on) reports that […]

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CENTCOM Destroys 3 IRGC Oil Tankers After Iran Targets 2 U.S. Navy Warships

Clark Savage274

U.S. Central Command struck three Islamic Revolutionary Guard Corps-linked crude oil tankers on September 5 after Iran fired ballistic missiles at two U.S. Navy warships in regional waters. The American ships evaded the attack. No U.S. personnel were harmed. Tehran’s shadow fleet paid the bill. That is the energy war in one exchange: Iran shoots […]

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Weekly Rig Report: Baker Hughes Flat at 588, WellDatabase at 601 After a North Dakota Reclass, Enverus Still Running Higher

Clark Savage313

The three major U.S. rig tallies are telling the same structural story and three different weekly headlines. Baker Hughes held unchanged at 588 for a second straight week. WellDatabase printed 601, down 30 week over week but up 23 year over year. Enverus’s GPS-based daily count continues to run well above both weekly censuses, last […]

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