Crude oil prices continued their fall on Tuesday, with WTI now dipping to levels not seen since before the OPEC+ meeting. The November contract for WTI crude fell to $83.22 per barrel on Tuesday afternoon—sliding […]
Marathon Petroleum Supply and Trading bought just under a quarter of the crude oil offered in the US Department of Energy’s latest sale from the Strategic Petroleum Reserve, with Equinor Marketing & Trading and Motiva […]
Energy analysts believe deep production cuts from OPEC+ could yet backfire for U.S. ally Saudi Arabia. OPEC and non-OPEC allies, a group often referred to as OPEC+, agreed on Wednesday to reduce oil production by […]
Oil demand has remained resilient in the face of a multitude of challenges. OPEC+ has fallen behind more than 3.5 million bpd on its output goals. The DoE has no immediate plans to start refilling […]
The Strategic Petroleum Reserve, which was established in 1975 as a reaction to the 1973 oil embargo, is now at its lowest level since December 1984. Ultimately, the SPR is not as important today as […]
ENB Pub Note: This is a horrific decision by the Biden administration. It will only exacerbate the supply issues facing the world oil supply in December. Replacement of the oil will be a problem, and […]
HOUSTON, Sept 12 (Reuters) – U.S. emergency crude oil stocks fell 8.4 million barrels last week to 434.1 million barrels, their lowest since October 1984, according to U.S. Department of Energy (DOE) data released on […]
HOUSTON, Sept 8 (Reuters) – U.S. President Joe Biden’s administration is weighing the need for further releases of crude oil from the nation’s emergency stockpiles after the current program ends in October, Energy Secretary Jennifer […]
The United States Strategic Petroleum Reserve has fallen to its lowest inventory level seen since 1985 under the stewardship of President Joe Biden and his Democrat-controlled Congress. Repeated withdrawals from the reserve have been leveraged […]
While oil and gas prices may continue to weaken in the near term, by the time winter sets in, the market is going to become extremely tight and the per-barrel price of oil should return […]
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