We may not fully comprehend what lower crude oil prices are going to do to the broader economy. When we measure the investment and capital spending of the petroleum sector, we do it in billions of dollars. Private investment by the world’s biggest petroleum firms can collectively top $80 billion or more in […]
Crude oil prices fought to remain above $50 a barrel today. As you know by now, we have taken a fairly cynical view of crude oil prices because we feel that the price is more pegged to the US dollar, and less about its supply/demand relationship. It’s almost humorous to listen to CNBC or Bloomberg […]
I wish I could have remembered the source on these figures; I heard the data on the way to work listening to Bloomberg Intelligence and have gone to the Bloomberg site to try and find the person – so that I can give them credit. But, there was an interview this morning with an expert […]
We have noticeably cut down on our coverage of the changes in oil prices based on supply/demand dynamics as you know. There is so much speculation and analytical work being done to try and figure out where oil is headed based on supply and demand.
We weren’t one of those discounting the Baltic Dry Index when it plunged earlier this year. So, we earned the right to talk about it now that it is improving. In fact, we can say that is has gained about 61% of its value since mid-February when it hit 509 points. Today, it has moved […]
Producers in the United States produced more crude oil domestically than we have seen in 43 years – dating back to 1972. The daily average for oil production was 9.6 million barrels, about 1.2 million barrels a day higher than we saw a year ago. This is interesting, but it also begs the question as […]
As we continue into the busy summer driving season, we are seeing fuel prices increases across the board. Regular gasoline is still about 90 cents cheaper than they were a year ago. Prices are just up about 9 cents a gallon from where they were just a month ago. Diesel also remains in the […]
We heard this week that US crude oil production hit 9.6 million barrels a day, a record that we haven’t seen since the early 1970’s. And, that was an increase over the 9.3 million barrel per day rate we saw in the prior week.
For the majority of 2015, year-over-year gas and diesel prices have been consistently $1.00 a gallon higher than they were last year. The latest report from the AAA’s Daily Fuel Gauge Report shows that regular gasoline is now about .99 cents lower than it was a year ago. Diesel is still about $1.05 lower. But, […]
We talked a little bit about this last week, but as the US dollar weakens, energy prices will instantly respond by increasing. As we can see in the six month chart from Nasdaq at right, West Texas Intermediate has increased from $46 a barrel to nearly $60 in trading on Thursday. Some of this was […]