Oil prices fell again today – to two-week lows – as dismal data out of China raised doubt on demand forecasts. “Oil markets are suffering from economic growth concerns,” said Giovanni Staunovo, an analyst at […]
Data source: U.S. Energy Information Administration, Short-Term Energy Outlook, May 2023 We lowered our crude oil price forecast for the rest of 2023 and for 2024 in our May Short-Term Energy Outlook (STEO) because of […]
Oil prices have whipped around overnight since API reported a big crude build (and Cushing stocks soaring) as hopes for debt ceiling deal trumped the latest (weak) China demand signals. The International Energy Agency on […]
Nearly 2.6 million barrels of the crude are set to arrive at U.S. East Coast ports since February, according to Customs data on Refinitiv Eikon. Some of the oil is likely headed to Canada […]
March 30, 2023 Data source: U.S. Energy Information Administration, Petroleum Supply Annual and Petroleum Supply Monthly In 2022, U.S. crude oil exports averaged 3.6 million barrels per day (b/d), a record high according to export […]
January 4, 2023 Data source: CME Group, Intercontinental Exchange, and Bloomberg L.P. Note: Retail prices are in nominal terms and are not adjusted for inflation. In the final trading day of 2022, the spot price […]
Oil prices tumbled further today as growing concern that US interest rates will stay higher for longer has also increased speculation that economic growth will slow and drag down energy demand. Dollar strength also did […]
For a third day, oil gained as industry data indicated US crude stockpiles were substantially drawn down, and the next OPEC+ meeting approached, where it is expected the Cartel will impose another production cut to […]
Despite a surprisingly large crude draw, oil prices are lower this morning as a pipeline carrying Russian oil to Europe was reported to have restarted after being offline during a turbulent 24 hours. Prices dropped […]
Update: Well, we nailed it in the preview – President Trump blamed OPEC, blamed Big Oil (and its greed), blamed local gas stations (naively claiming that “gas prices should reflect the cost of a barrel […]
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