Get ready for $5-a-gallon gasoline
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Get ready for $5-a-gallon gasoline Read More »
WTI stands tall near multi-month peak, just above $85.00/barrel mark
WTI is seen consolidating its recent strong move to over a five-month peak. Worries about supply disruptions and tight global supply lend some support. Signs of improving demand should further contribute to limiting the downside. West Texas Intermediate (WTI) US Crude Oil prices enter a bullish consolidation phase during the Asian session on Thursday and
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Oil Moves Down on Inventory Rise
On March 29, 2024, 5:49 AM Crude oil prices were in the red today after the Energy Information Administration reported an inventory build of 3.2 million barrels for the week to March 22. This compared with a draw of 2 million barrels for the previous week, when the EIA also estimated a sizeable draw in gasoline inventories, which helped
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WTI advances to near $82.80 on likelihood of OPEC+ maintaining production cuts
WTI price gained ground as OPEC+ is expected to maintain their production cuts. Ukrainian attacks on Russia’s infrastructure are contributing to the sentiment of tightening global Crude supplies. Fuel suppliers in Baltimore are expected to encounter delays following the collapse of the Francis Scott Key Bridge. West Texas Intermediate (WTI) oil price settled higher at
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Oil Prices Gain 2% on Tightening Supply
Charles Hugh Smith Charles Hugh Smith has been an independent journalist for 22 years. His weblog, www.oftwominds.com, draws two million visits a year with unique analyses of global… More Info By Charles Hugh Smith – Mar 28, 2024, 3:30 PM CDT U.S. benchmark crude gained over $2 on Thursday as U.S. crude inventories tightened and
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Crude Oil Inventories Rise By 3.2 Million Barrels, Exceeding Analyst Expectations
Crude oil imports averaged 6.7 million bpd, rising by 424,000 bpd from the previous week. Strategic Petroleum Reserve increased from 362.3 million barrels to 363.1 million barrels as U.S. continued to buy oil for strategic reserves. The purchases of oil for SPR have served as a material positive catalyst for oil markets this year. Domestic
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Oil retreats with US stockpile crushing bullish bets for now
WTI Oil retreats below $82 on chunky increase in US crude stockpiles. Oil traders remain bullish, but the US stockpile build-up is triggering a repricing. The US Dollar Index trades above 104.00 and sees US Dollar bulls digging in their heels. Oil prices are retreating on Wednesday, with traders gasping for air after seeing the
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Oil Updates – crude rises as heightened geopolitical risks exacerbate supply concerns
UAE’s abroad investments performing well despite economic headwinds: top official RIYADH: The UAE has strengthened its position in the global economy, with its overseas investments proving resilient amid economic fluctuations, said a senior official. Jamal Bin Saif Al-Jarwan, secretary-general of the UAE International Investors Council, stated that the Emirate’s assets abroad, both government and private,
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Oil eases on possible Gaza ceasefire, dollar strength
By Florence Tan and Laila Kearney SINGAPORE, March 22 (Reuters) – Oil prices slipped on Friday on the possibility of a nearing Gaza ceasefire that could ease geopolitical concerns in the Middle East, while a stronger dollar and faltering U.S. gasoline demand also weighed on prices. Brent crude LCOc1 futures fell 42 cents, or 0.5%,
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Egypt raises fuel prices by 9-22% to align with global market, currency reforms
The Egyptian government announced on Thursday an increase in fuel prices by between 9-22%, citing rising global oil prices and the recent liberalization of the Egyptian pound’s exchange rate. The decision, implemented by the Egyptian Petroleum Pricing Committee, reflects adjustments across various fuel types. The price of 80-octane petrol will rise by EGP 1 to
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