Oil prices could be set for another sharp rise

It has been a rough few weeks in the energy market. As potential investors of energy companies, we don’t mind seeing the back of last week in particular. That’s the understatement of the year. Pretty much every negative sentiment – recession, Fed tightening, dollar strength, demand in China, inventory building or whatever amounts to the … Read more

Gasoline prices: End of fuel tax will increase costs, retail spending will fall

In recent months, Australians have experienced much-needed relief from high petrol prices, with the average cost of regular unleaded lead falling by as much as 48 cents per liter since its recent peak in mid-June. But there’s another positive knock-on effect caused by Australians having more money in their pockets each month after paying lower … Read more

Razor-sharp reserve capacity to keep oil prices high

The recovery of the economies and oil demand after the corona crisis has left global reserve oil production capacity at a very low level with a very small buffer to absorb potential short-term supply-side shocks. Despite the economic slowdown already underway in many parts of the world and fears of recessions in Europe and the … Read more

Oil dips below $80 as Powell warns recession could be on the way

Oil prices fell 5% early Friday, with the US benchmark plunging to its lowest level since January, amid heightened concerns about slowing economic growth and looming recessions. At 10:06 a.m. ET on Friday, WTI Crude had dipped below $80 a barrel and was trading 5.58% to $78.83 a barrel. Brent Crude, the international benchmark, stood … Read more

Albertans see tax hike on gas prices October 1

Albertans will see a partial refund of the provincial fuel tax on the price of gasoline and diesel from Oct. 1, as retailers have been told by the UCP government to collect 4.5 cents per liter. Retailers were notified of the change through a special notice sent by the county on Sept. 21. READ MORE: … Read more

Saudi Arabia and Russia Both Want $100 Oil

OPEC+ heavyweights Saudi Arabia and Russia, with their quotas of +11 million barrels per day, view $100 of oil as a fair price good for everyone, said anonymous Reuters sources familiar with both Russia and Saudi Arabia. Arab government idea. Russia and Saudi Arabia, which together make up more than half of OPEC+’s total quota, … Read more

Oil prices unchanged due to large crude inventory build-up

The American Petroleum Institute (API) reported an increase of 6.035 million barrels of crude this week, while analysts forecast a decline of 200,000 barrels. The build comes as the Department of Energy released a record 8.4 million barrels from the Strategic Petroleum Reserves in the week ending Sept. 9, leaving the SPR with just 434.1 … Read more

Oil gains 2% as Iran deal fades, market is tight on supply

By Tom Kool – September 12, 2022, 11:30 a.m. CDT WTI crude gained 2% Monday morning. European diplomats expressed “serious doubt” that Tehran really wants a revival of the 2015 nuclear deal. Softer US dollar supports crude prices. Oil prices eased some losses on Monday, with Brent gaining nearly 2% as … Read more

Gasoline prices could rise this winter

Gasoline prices in the United States could soar this winter if an embargo on Russian oil imports goes into effect in the European Union, Treasury Secretary Janet Yellen warned. Speaking to CNN, Yellen said, “Well, it’s a risk. And it’s a risk that we’re trying to address at the price cap.” Yellen was the first … Read more

Banning Russian crude oil will be much easier said than done

Global oil markets are still trying to bottom as oil prices become increasingly volatile. The EU’s expected ban on oil imports from Russia, which will come into effect on December 5, is likely to shake the foundations. While EU countries want to wean themselves off of Russian crude oil, EU trading firms’ appetite for Russian … Read more