Over the past two years oil companies have been lobbying congress to end the ban on exporting oil from the US. This week Congress is voting on a TRILLION dollar tax, and spending bill. Hidden inside the massive bill, is a section ending the US ban on exporting oil. Obama is expected to sign the…
DetailsWith Oil Prices still at record lows, many are uncertain about what 2016 will hold as far as oil prices. Oversupply was the word of choice for 2015 and it looks like 2016 will start off the same. With inventories in Cushing, OK at nearly, 88%. And production minimally slowing throughout most Oil exporting nations.…
DetailsHave you ever wondered how street Gas Prices are set, and why they jump around so much without reason? Well interestingly they do not work the same throughout the nation. Ohio and its direct neighbors Indiana, Kentucky and Michigan have extremely price sensitive, competitive, retail gas station environments. This super competitive environment is unique to…
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…
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…
DetailsThe Organization of the Petroleum Exporting Countries (OPEC) is still increasing production to gain market share. Just as they did in 1986 when additional supplies from the North Sea and Alaska dropped prices. OPEC is vowing they will continue producing and cutting prices to keep their market share. US produced crude break-even is near $10/bbl. Although the costs vary…
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…
DetailsMarkets 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…
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…
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…
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