Oil prices climbed around 2% on Tuesday as the Middle East crisis and a Libyan supply outage pared the previous day’s heavy losses. “The more attractive alternative for (oil tankers) right now is to make a dash for the United States, where crude oil is cheaper than Brent,” said Bob Yawger, director of energy futures at […]
Oil prices tanked today as Saudi Arabia cut its sale price. On Sunday, rising supply and competition from rival producers prompted Saudi Arabia to cut the February official selling price (OSP) of its flagship Arab Light crude to Asia to the lowest level in 27 months. “That’s raising concerns about demand in China and global […]
Oil prices settled higher today closing out higher for the first week of the year. Both contracts rebounded from losses yesterday on large refined products builds. “With the tensions in the Middle East, the geopolitical trading premium has to get pushed higher,” said John Kilduff, partner at Again Capital LLC. “It’s hard for traders to […]
Oil was lower today in a choppy session as a massive build in gasoline and distillate stocks sent prices downward. Gasoline stocks rose by 10.9 MM/bbls, the highest weekly rise in 30 years. Distillate stocks rose 10.1 M/bbls. Todays EIA report also showed low fuel demand. “The key Northeast region is still indicating relatively mild […]
Oil had a strong session today settling up about 3% as tensions in the Middle East continue to mount. Tensions are flaring from Gaza to Lebanon and the Red Sea prompting concerns that a wider Middle East conflict could develop and close crucial oil transport waterways. Federal Reserve officials appeared increasingly convinced inflation was coming […]
Oil prices were lower today settling down as expectations for interest cuts waned. “The market is correcting itself in so far as there have been no supply disruptions and they think it is unlikely that the Iranian warship will engage with American warships,” said Andrew Lipow, president of Lipow Oil Associates. On Sunday, U.S. helicopters […]
Oil prices traded down slightly today but were mostly flat. As the year comes to an end oil prices closed down 10% year over year, closing at the lowest year end levels since 2020. A Reuters survey of 34 economists and analysts forecast Brent crude will average $82.56 in 2024, down from November’s $84.43 consensus, […]
Oil prices settled down today trading down as more shipping companies say they are again ready to transit the Red Sea route. “The perception is that the Red Sea route is reopening and will bring supply to market weeks faster,” Price Futures Group analyst Phil Flynn said. The U.S. Energy Information Administration reported a much […]
Oil prices dropped nearly 2% today, eating into yesterday’s gains as investors monitor developments in the Red Sea. Danish shipping company Maersk said it has scheduled several dozen container vessels to travel via the Suez Canal and Red Sea in the coming weeks after calling a temporary halt to those routes this month after attacks […]
U.S. West Texas Intermediate crude rose by $2.01 per barrel, or 2.7%, to close at $75.57 per barrel. Brent crude futures settled higher as well at $81.07 a barrel (2.5% higher), after rising as much as 3.4% during the trading session. Oil climbed to its highest level this month, as further attacks on ships in […]