Oil prices were higher today gaining about 1% on a larger than expected decline in crude inventories. Crude inventories fell by 12.2 MM/bbls vs a 680K/bbls forecasted draw. “Strong exports, a slight drop in imports, and a rebound in refinery runs colluded to draw crude inventories by a whopping 12 million barrels,” said Kpler oil […]
Oil prices were lower today after hitting multi-month highs earlier in the session. Fears of Hurricane Beryl are fading and some of that premium has been taken out of the market. “Markets came to the realization that Beryl is not going to shut down any major amounts of offshore oil production,” Flynn said. “We may […]
Oil had a strong session today on geopolitical tensions, a storm brewing and summer driving season here in the US. “The (energy) complex is beginning this new week in strong fashion as it continues to acquire support from … increasing geopolitical risk premium related to Israel-Hezbollah tensions (and) bullish demand expectations for this month with […]
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“Only by not forgetting the past can we be master of the future”– Ba Jin Jobs Update Stocks closed lower on Friday of last week, but mixed week over week The DOW closed lower on Friday of last week, down -45.20 points (-0.12%), closing out the week at 39,118.86, down -31.47 points week-over-week. The S&P […]
Oil prices were mostly flat for the day today. U.S. oil production and demand rose to a four-month high in April, despite that, demand for gasoline fell to 8.83 million barrels per day, its lowest since February, “The monthly report from the EIA suggested the gasoline demand was pretty poor,” said Phil Flynn, analyst at […]
Oil prices were higher today as middle east tensions continue to mount. Cross-border strains between Israel and Lebanon’s Hezbollah have been escalating, fanning fears that a widening war could draw in other countries including major oil producer Iran. In Europe, Russia is considering a possible downgrade of relations with the West due to deeper involvement […]
Oil prices were higher today despite a surprise jump in US gasoline inventories. Tensions in the Middle East are front and center again and the market is worried about any disruptions to oil supplies. Gross border strains between Israel and Lebanon’s Hezbollah have been escalating in recent weeks stoking fears of an all out war […]
Crude oil prices fell by 1% on Tuesday due to weak U.S. consumer confidence data, raising concerns about the economic outlook and fuel demand. Brent futures for August settled at $85.01 a barrel, down 1.2%, while U.S. crude futures settled at $80.83, down 1%. U.S. consumer confidence decreased in June, with concerns about the economy potentially […]
Oil prices rose 1% on Monday, driven by strong summer driving demand, geopolitical tensions in the Middle East, and Ukrainian drone attacks on Russian refineries, which heightened supply concerns. An easing U.S. dollar also supported the price increase, making oil more attractive to international buyers. Brent futures for August delivery settled at $86.01 per barrel, […]