As we end the week, news to drive oil markets has been light, and oil prices were generally flat yesterday. Crude oil is at $51.44 this morning, just 12 cents down from yesterday’s close of $51.56. Oil prices had a large $1.64 price range yesterday, reaching highs of $52.86 and lows of $51.22[…]
Oil prices are generally seeking higher ground, responding to yesterday’s EIA inventory report. Crude prices are up $.50 today to $52.64, after trading flat yesterday. Just last week, crude prices peaked above $50 for the first time in months; in the past, prices hitting $50 has triggered selling[…]
Crude oil exports in the first half of 2017 increased by more than 300,000 barrels per day (b/d) from the first half of 2016, a 57% increase. Petroleum product exports grew over the same period as well. Crude oil and propane exports each reached record highs of 0.9 million b/d, and distillate[…]
Crude prices are at $51.93 this morning, down just slightly from yesterday’s close. Crude traded mostly flat yesterday, with prices ending the day just 25 cents below the opening. After Monday’s 3% gains, markets have been calm as some traders cash in their profits and exit the market. Still, the[…]
Last week the American Trucking Association (ATA) announced that truck tonnage in August reached 149, up 7.1% from July’s level and 8.2% over August 2016. Bob Costello, Chief Economist for the ATA, attributes the tonnage increase to hurricane preparation and strong port volumes, adding that the[…]
Oil prices across the board soared higher, with crude oil surpassing $52 to close yesterday, a full 3% gain during the trading session. Gasoline and diesel posted similar gains. Crude oil prices are currently $52.17, taking a breather overnight amid profit taking after yesterday’s strong price[…]
The Kurds in Iraq voted yesterday in a referendum on Kurdish independence. The referendum is non-binding federally, meaning the results will not immediately become a political reality, but it does send a large signal to the Iraqi government that they wish to secede. Iraq was the 4th largest oil[…]
Oil prices are up across the board this morning. Crude oil gained about 50 cents this morning to reach $51.17. Prices haven’t passed above $51 since May, though in May crude could not maintain its position above $50 for a full week. Today marks eight straight days of prices at least touching above[…]
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Oil markets are down across the board following price gains yesterday. Crude prices managed to break through the $50 for a whole night, closing the trading session yesterday at $50.69. This morning prices are down slightly, though still above the $50 level (at least for now) at $50.27.
Growth in global liquid fuels supply since March 2017 has been driven by increases in the production of historically higher-priced light crude oils. This growth has more than offset recent declines in the production of medium and heavy crude oils. As these production trends continue, price[…]
Nat Gas News - September 21, 2017 Optimistic Estimates of U.S. Natural Gas Resources Are Actually Conservative
Crude prices are relatively flat this morning, continuing to hover between $49-$50. Prices continue struggling to break out above $50; however, prices reached a high of $50.42 during late night/early morning trading before edging back down to the current price of $49.96, just under 1% higher than[…]
Editor’s Note: With the recent extreme weather, we wanted to make sure you’re looking ahead and preparing for winter weather. Hurricanes make fuel supply tight, but cold weather can make your existing fuel completely unusable. Our winter program begins October 15, which is just around the corner;[…]
Supply in the U.S. has been improving significantly over the past few days. Today, Mansfield moves diesel in the Southeast (excluding Georgia) to Code Green, indicating a return to normal supply levels. Gasoline supply in the southeast remains on Code Orange, as high retail demand has continued to[…]
Crude prices are moving higher this morning after trending flat yesterday and overnight. Crude prices are $50.32, up $.41 from yesterday’s close. As we stated yesterday, crude prices have struggled to stay above $50 – after prices broke through the $50 ceiling yesterday morning, they fell back down[…]
The U.S. Energy Information Administration's latest International Energy Outlook 2017 (IEO2017) projects that world energy consumption will grow by 28% between 2015 and 2040. Most of this growth is expected to come from countries that are not in the Organization for Economic Cooperation and[…]
Crude prices remain mostly flat, down just $.25 this morning to $49.64 compared to Friday’s close. Crude markets gained $2.31 last week, but Friday’s trade was mostly steady. Markets have dipped slightly lower this morning, but the general market sentiment has been bullish lately.
This morning, Mansfield officially moved to Code Orange for the Southeast from Mississippi to North Carolina. Virginia remains on Code Red due to some supply tightness in Norfolk. Throughout the Southeast, supply is significantly improved, though carrier capacity remains a constraint in some[…]
Crude prices are $49.77 this morning, down $.12 from yesterday’s close. Prices were unable to maintain yesterday’s price level above $50/bbl, which has been the norm over the past few months. As the chart below shows, prices have bounced off the $50 level a few times since May, but have not been[…]
With Irma now past and reconstruction beginning in Florida, it’s worth pausing and taking a look at prices in Florida to see how the storm impacted the state. Today, we’ll be analyzing a few of the ways that Irma has impacted Florida’s fueling infrastructure and prices.
Lifted by bullish data from OPEC, the EIA, and the IEA, crude prices are up this morning to $49.85, a gain of $1.51 from yesterday’s opening price. Prices rose throughout the day yesterday, picking up nearly a dollar during the day. This morning continues the rise, with prices gaining 55 cents[…]
Hurricane Irma has created several issues with gasoline markets in Florida, both by prompting increased demand and disrupting the supply chain needed to deliver gasoline. Hurricane Irma made landfall in South Florida on September 10 and proceeded on a northwesterly path up the length of the state.[…]
Markets continue to recover following Hurricanes Harvey and Irma. After all the hype related to Irma’s record strength, the impact on fueling infrastructure has been minimal. Most terminals are back in operations at this point, and vessels are rushing in to re-supply terminals in Tampa and Pt.[…]
Prices are up across the board this morning, following EIA reports released yesterday showing stronger oil demand globally and reduced production. Crude prices responded by moving higher after losses in the early morning. Prices fell about 40 cents yesterday morning before rising to end the day[…]
Crude prices are flat this morning, trading at $47.98 this morning, after gaining about 50 cents yesterday (~1%). At this point, just 4 refineries in Texas are still offline, representing around 690 thousand barrels per day (kbpd) of production. Several other refineries are operating at reduced[…]
It’s been a few weeks since this publication looked at retail fuel prices, and with prices so high currently, now is a good time to see what’s going on with prices at the pump. At the national level, diesel prices have risen by roughly 20 cents since mid-August, before Hurricanes Harvey and Irma[…]
Irma has blown through Florida quite quickly, with South Florida already beginning to assess the damage from the storm. The storm has progressively lost its force, downgrading to a Category 1 as it tracked passed Tampa and now falling to Tropical Storm status. The storm’s center is expected to[…]
Crude prices are flat this morning after substantial losses of over $1.60 (3.3%) on Friday. Prices this morning are $47.69, just slightly above the closing price on Friday. Crude markets continue to be affected by refinery outages in the Houston area; Goldman Sachs estimates that 2.2 million[…]
The latest models show Hurricane hitting the center of Florida as a Category 4 hurricane and tracking directly through the middle of the state. With a diameter of roughly 400 miles, Irma will impact both sides of the state, though the east coast will be the most heavily impacted as the storm’s[…]
Hurricane Irma is still forecast to hit, or at least scrape, Florida, bringing catastrophic damage to Miami and along the coast regardless of the path it takes. The latest NHC models show the storm’s path hugging the eastern coastline or traveling through Florida.
Crudes prices are down roughly .5% this morning to $48.90, as markets are losing enthusiasm from the post-Harvey recovery. While much crude refining remains offline, markets appear to believe that production will normalize by the time October’s future month contract comes due.
Did you know the EIA has a live map with storm updates overlaying the U.S.’s energy infrastructure? The site shows how extreme weather events line up with energy systems like power lines, pipelines, refineries, oil rigs, and more.
Pre-Storm Fuel Demand Surges With Hurricane Irma looming, pre-storm fuel buying panic has set in, and consumers are rushing to top off their tanks before the storm hits. They’re finding, however, that there’s little product to be had, as Harvey’s fuel disruption has depleted the Southeast of fuel.[…]
Crude prices are $49.16 this morning, their highest levels since the beginning of August. Crude prices grew quickly towards the end of the day, rising from $47.28 to $48.66, a 3% gain for the day. This morning prices are up $.50, or 1%. After prices fell rapidly during Harvey, it appears markets[…]
U.S. retail gasoline prices on Monday, September 4, averaged $2.68 per gallon (gal), 28 cents/gal higher than prices a week ago. Supply disruptions and refinery outages caused by Hurricane Harvey continue to affect gasoline supply and prices, particularly along the U.S. East Coast and the Gulf[…]
Irma Brings a New Threat While refineries are still struggling to restart following the destruction of Harvey, Hurricane Irma is bringing a new threat. The storm was upgraded to a Category 5 today as it hurdles towards the Caribbean islands, where it's expected to bring catastrophic destruction.
Oil prices are finally normalizing somewhat, at least at the national level. NYMEX crude prices are currently at $48.00, after closing Friday at a lofty $47.29. Crude prices fell from a pre-Harvey high of $48 down to the $45 range, but today are more in line with their pre-Harvey prices. This is[…]
Terminal Truck Lines Delay Deliveries While we're at the very early stages of normalizing fuel supply, one of the largest concerns currently hindering quick deliveries in Texas, Louisiana, and certain Southeast markets is long lines at terminal racks.
As noted yesterday, having prices role from September contracts to October contracts has had a huge effect on prices this morning. Recall that NYMEX prices are future prices, so the price you see today is for “prompt month” (currently October) delivery. Crude prices are up a dollar to $47.03 this[…]
Hurricane Harvey (still categorized as a Tropical Depression at the time of writing) brought record-level rainfalls to East Texas and West Louisiana, causing flooding and destruction throughout the Gulf Coast. Cumulative rain falls surpassed 50 inches in some area, the most rain ever received from[…]