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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“The present is the only time any duty can be done or any grace received.” – C.S. Lewis Jobs Update Stocks closed lower on Friday of last week and lower week over week The DOW closed lower, on Friday of last week down -410.34 points (-1.01%) closing out the week at 40,345.41 down -1,217.67 points […]
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 […]
Crude prices were lower today trading down on demand worries. There have been some mixed messages out of OPEC+ about whether the group will hike output or not and this has caused some choppy trading. “This sell off moved the attention to what OPEC+’s response would be, which last week looked set to start the […]
Oil prices were lower today tanking to their lowest levels as there are signs of a deal to resolve a dispute with Libyan crude production and exports. China reported on Monday that new export orders fell for the first time in eight months in July and that prices of new homes rose in August at […]