Oil 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…
DetailsThe market has been up and down lately, looking for direction in a stockpile of different news stories. The market is still over supplied which has been pushing the market lower. For the past 9 weeks oil rigs and fracking wells have decreased in number in the United States. The US Energy Information Administration on…
DetailsMarkets are all trading up today due to several news leaks. Reports of a deal with Mexico to allow the US to start exporting 75,000 bbls a day in its first phase. A reports from the Dow Jones Newswire stated that, “Mexico Export Deal Triggers U.S. Oil’s Largest Gains is Nearly Two Months” The thought…
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…
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…
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.…
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…
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…
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…
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…
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