US gas is cheaper than before Russia invaded Ukraine

US gas is cheaper than before Russia invaded Ukraine

New York CNN — Prices at the pump continue to plunge, dropping the US average for gasoline below where it was when Russia invaded Ukraine. A gallon of regular gas now fetches $3.47 nationally, according to AAA. That is below the $3.54 average on February 24, the day Russia invaded Ukraine. That is down about … Read more

Oil Shoots Up On Huge Crude Inventory Draw

Oil Shoots Up On Huge Crude Inventory Draw

Crude oil prices moved further up today after the US Energy Information Administration reported a crude oil inventory decline of 12.6 million barrels for the week to November 25. At 419.1 million barrels, oil inventories are 8 percent below the five-year average for this time of the year. Last week’s inventory move compared with a … Read more

Xi: China Looks To Boost Energy Partnership With Russia

Xi: China Looks To Boost Energy Partnership With Russia

China is ready to work for a closer partnership with Russia in the energy sector, Chinese President Xi Jinping was quoted as saying on Tuesday, days before the EU embargo on seaborne imports of Russian crude oil and the G7-EU price cap on Russia’s oil are set to enter into strength next week. “Energy cooperation … Read more

White House Changes Plan To Refill SPR At $70 Per Barrel

White House Changes Plan To Refill SPR At  Per Barrel

US Energy Security Advisor Amos Hochstein said on Tuesday that the White House would look to refill the nation’s Strategic Petroleum Reserves when oil prices were “consistently” at $70 per barrel, Bloomberg said. In mid-October, the White House released a fact sheet that outlined the administration’s intention to refill the SPR when oil prices were … Read more

Middle East Oil Producers Under Pressure To Cut Prices Again

Middle East Oil Producers Under Pressure To Cut Prices Again

The Middle East has been steadily reaping the benefits of its oil bounty throughout 2022, arguably one of the most successful years for the region at large in its recent history. Yet the prospects for next year are by no means as rosy. The global economy is in disarray, with the double whammy of a … Read more

China markets tank as protests erupt over Covid lockdowns

China markets tank as protests erupt over Covid lockdowns

hong kong CNN Business — China’s major stock indices and its currency have opened sharply lower Monday, as widespread protests against the country’s stringent Covid-19 restrictions over the weekend roiled investor sentiment. Hong Kong’s Hang Seng (HSI) Index fell as much as 4.2% in early trading. It has since pared some losses and last traded … Read more

The Problem With Oil And Gas Price Caps

The Problem With Oil And Gas Price Caps

This week saw two documents published by two government departments: the European Commission in Brussels and the Department of Treasury in Washington. The Commission’s document was a proposal for “a new instrument” aimed at limiting excessive gas prices in Europe. The Treasury’s document was guidance on the implementation of a price cap policy towards crude … Read more

Oil Market Metrics Signal Sufficient Supply And Weakening Demand

Oil Market Metrics Signal Sufficient Supply And Weakening Demand

By Irina Slav – Nov 25, 2022, 7:36 AM CST Several oil market metrics are reducing supply concerns in oil markets, adding downward pressure to prices as traders focus on weak demand. The WTI futures curve has already switched into contango while the Brent front-month to second-month futures prices dipped into contango this week. Meanwhile, … Read more

The Diesel Crisis Is Going Global

The Diesel Crisis Is Going Global

A perfect storm in global diesel markets is unfolding. Refining capacities are tight, and stockpiles are being depleted as the Northern Hemisphere cold season begins. Supply crunches could jeopardize critical transportation networks since the industrial fuel powers ships, trucks, and trains. The fuel is also used for heating homes and businesses, as well as a … Read more

Chevron Could Get Approval To Ramp Up Oil Production In Venezuela

Chevron Could Get Approval To Ramp Up Oil Production In Venezuela

Three well-placed unnamed sources have told Reuters that Washington could grant Chevron approval to significantly boost oil production in Venezuela as early as this weekend, if the government of Nicolas Maduro resumes talks with the opposition. This potential would mean an easing of sanctions against Venezuela at a time when the United States is pushing … Read more