Markets are starting the week headed higher as there is again hope that OPEC may find a reason to cap their production during their meeting this week. WTI Crude is up .58/bbl to 45.06 this morning. This seems to be a game they have played over the past year creating suspicion over their decision to…
DetailsOil prices are up to start off the week on suspicion OPEC may produce an agreement to cut supply. Although doubts remain on the possibility of a production decrease OPEC is expected to egg on the media until the end, riding the bump of prices due to suspicion. Although nothing will likely change. Their words…
DetailsHappy First day of Summer! Just one year ago over 60 pizza-makers working for 18 hours completed a pizza that was nearly a mile long at the World’s Fair Expo 2015 taking the Guinness World Record title. From Pizza to oil, things are starting to grow. Inventory numbers out last week showed a build in…
DetailsAn uncertain market is pulling down petroleum prices as fears of Britain voting to exit the European Union. Fears of uncertainty, and economic distress are weighing heavy on the market and the future expected demand for fuel in Europe. Fed chair Yellen decided to keep interest rates the same Wednesday. This weakened the dollar and continues…
DetailsIf we have learned anything in the past few years, it’s the fact that no one can predict the future of oil prices. It seems to be a guessing game with an ever increasing number of variables. However, there are a few indicators that we can look at to estimate wisely. CNBC released an article today…
DetailsThe oil markets are starting the week off climbing. Crude is up almost 3 percent this morning on a report released by Goldman Sachs stating the surplus of oil has turned to a deficit. Although this is most likely to be a short term deficit, Goldman reports expect Crude to remain near $50/bbl through the…
DetailsMarket was nearly flat this morning until the EIA released its weekly fuel inventory report. Crude inventory was down 3.410 million bbls, expectation was up 0.714 million bbls. Gasoline inventory was down 1.231 million bbls, expectation was up 0.710 million bbls. Diesel inventory was down 1.647 million bbls, expectation was down 1.007 million bbls. This…
DetailsOil prices are up today on news of a wildfire limiting production in Alberta Canada near the town of Fort McMurray. Tens of thousands of acres are reportedly ablaze causing most towns in the area to be evacuated and oil sand producing companies to stop operations. This on top news from Libya of increased fighting…
DetailsCrude is lower this morning due to focused attention on the global surplus again. It seems that every time there is a dull news week we realize just how oversupplied our market still is. OPEC nations continue near record production in their ongoing goal to maintain market share. Weaker petroleum demand brought by poor economic…
DetailsLast week the Baker Hughes rig count dropped to 88 operating rigs, down from a high of 1,609 in 2014. The rig count is a sign of production activity in the oil industry and shows the effects of the oversupply of Crude still in existence. The continued drop in operating oil rigs will lead to…
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