As fears of a global recession deepening, oil prices may end the week with the first five-day reverse losses since April, Bloomberg has reported, also noting the Fed’s intention to tighten monetary policy sharply further. Last week, the US central bank announced the biggest rate hike since 1994, at 0.75 percentage points, as it tries … Read more
The world’s most-watched oil data report won’t be released this week due to a power problem. Oil prices, meanwhile, are climbing higher on Friday to cancel out losses from earlier in the week. Disruptions, disruptions, and disruptions. Even the Energy Information Administration can’t avoid them, with electricity problems meaning the world’s most-watched oil data report … Read more
OPEC+ is largely expected to rubber-stamp next week its decision to boost production in August by 648,000 bpd, five Reuters sources said on Thursday. Of course, that’s what sources said leading up to the previous meeting as well—although the group decided to raise production by more than planned. At the previous meeting, OPEC+ agreed to … Read more
The oil market is currently going through one of the most turbulent periods since the infamous March 2020 collapse, as investors continue to grapple with recessionary fears. Oil prices have continued sliding in the wake of the central bank deciding to hike the interest rate by a record-high 75 basis points, with WTI futures for … Read more
Oil prices dipped by 6 percent early on Wednesday, with Brent slumping below $110 a barrel, as the market fears a looming recession would drive down global oil demand. As of 9:10 am EST on Wednesday, WTI Crude was down below the $105 a barrel mark and traded at $102.77, down by 6.24 percent on … Read more
After a relentless seven-month march, the oil price rally appears to be in danger of collapsing after oil prices pulled sharply from their recent highs. Oil prices have been struggling to reverse last week’s losses as the markets worry about a fall in demand after the Federal Reserve hiked interest rate by three-quarters of a … Read more
Europe’s refineries took in an increasing amount of crude oil last week, tanker tracking data compiled by Bloomberg has shown. Europe’s refineries took in 1.84 million barrels per day of Russian crude oil last week—the third increase in the amount of Russian crude for the refineries in as many weeks. The oil flows from Russia … Read more
Last week, we presented a bear case for the energy sector based on the premise that oil and gas stocks could be in danger of overheating. Energy is the 4th most expensive sector going by Shiller’s P/E, and also looks overvalued compared to gold prices. It’s a sentiment that has also been gaining momentum across … Read more
Two years ago, at the height of the pandemic, BP wrote in its annual Energy Outlook that global oil demand had peaked at around 100 million bpd in 2019, and it was only going to go down from then on because of the effects of the pandemic and the accelerated energy transition. Just two years … Read more
Crude oil prices moved little today after the US Energy Information Administration reported a crude oil inventory build of 2 million barrels for the week to June 10. This compared with a build of 2 million barrels for the previous week. In fuels, the EIA estimated a mixed picture. Gasoline inventories, according to the EIA, … Read more