Oil prices were higher today. More than 12% of crude production and 16% of natural gas output in the U.S. Gulf of Mexico remained offline in the aftermath of Hurricane Francine, the U.S. Bureau of Safety and Environmental Enforcement (BSEE) said on Monday. All eyes are on the Federal Reserve as traders are increasingly betting […]
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Oil prices eased today trading down as crude production in gulf resumed following Hurricane Francine. “You could come back Monday and everything is fine – the refineries are running at 100%, everyone is back on the platform, oil comes back and gasoline is coming out of the refinery – and the market could potentially pull […]
Oil prices were higher today trading up as producers assessed the impact on output in the Gulf. Over 730K/bpd of production (42%) of Gulf of Mexico output was shut in due to the storm. Both contracts had gained more than 2% on Wednesday as companies evacuated offshore platforms due to Francine. The disruptions are estimated […]
Oil prices were higher today trading up as Hurricane Francine was barreling through towards Louisiana. “A rather unexciting minor build to crude inventories has been overshadowed by yet one more draw at Cushing,” said Matt Smith, lead oil analyst for Kpler. “EIA data show Cushing inventories now drawing nine of the last 10 weeks, down […]
Oil prices were lower today with Brent trading down to its lowest level since December of 2021 and WTI down to its lowest level since May 2023. OPEC said today in a monthly report that world oil demand would rise by 2.03 MM/bpd in 2024, down from last month’s forecast for growth of 2.11 MM/bpd. […]
Oil prices were higher today rising as a storm brewing in the gulf could hit Louisiana on Wednesday and potentially disrupt production and refining activity along the Gulf Coast. On Friday, Brent and U.S. diesel futures closed at their lowest prices since December 2021. WTI closed at its lowest price since June 2023 and U.S. […]
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Oil prices fell 2% today with a big loss week over week. U.S. government data showed employment increased less than expected in August, but a drop in the jobless rate to 4.2% suggested an orderly labor market slowdown that may not warrant a big interest rate cut from the Federal Reserve this month. “The jobs […]
Oil prices remained at a 14-month low on Thursday, with Brent settling at $72.69 per barrel, down 1 cent, and WTI at $69.15, down 5 cents (0.1%). Concerns over weak demand in the U.S. and China, along with potential supply increases from Libya, outweighed a significant 6.9 million-barrel drawdown in U.S. crude inventories. OPEC+ delayed […]