Crude Market is up today on concerns Crude supply may be getting tighter. Led mostly by Kuwait’s employee strike shutting down production and drastically reducing their exports by an estimated 60%. It is expected that this strike could last 2 weeks. The market is still generally oversupplied as bubbles in crude prices have kept producers who…
DetailsCRUDE as the standard petroleum product that moves and drives the oil industry at large, has lingered near record lows for several months now. Trading today at $38.28/bbl up from its low of $26.21/bbl in early February 2016. Duncan Oil Traders expect crude prices to decrease to the low $30’s/bbl though mid-summer this year and then climb back…
DetailsNATIONALLY – There has been much speculation lately as to the time when crude supply and demand will balance back. It was suspected earlier in the year, that Q1-Q2 would be the season to see prices jump. However the EIA predicts that it may be as late as 2017 until we find equilibrium. The spurts…
DetailsCrude is Lowest since Early 2004. WTI Crude dipped into the low 30’s this afternoon as concerns about demand and oversupply pressure the market. China’s economy has had a crazy new year in its stock market the past week. Dropping day after day starting Thursday when the People’s Bank of China decreased the value of the…
DetailsMarkets are lower across the nation as petroleum inventories are expected to be growing. This is a story that seems to be getting old, but must come to an end eventually. The only way to solve a supply crises it to use more or produce less. With disappointing economic figures flowing through the news, it looks…
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.…
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…
DetailsOver 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…
DetailsThe Energy Information Agency released its inventory numbers, showing slew of increases across the board. Crude inventories increases 4.8million bbls driving the market down. Today most likely marks the end of an era for interest rates. The Fed Chair is expected to raise interest rates in a meeting at 2pm, followed by a press conference…
DetailsSunday temperatures were in the mid to upper 60’s throughout most of Ohio. Breaking many high temperature records as Christmas is less than two weeks away. While this makes it easier to be outdoors, it also lessens energy demand for heating. Although this is great for the pocketbooks of consumers heading into the holiday season.…
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