Oil Jumps 4% On Inventory Draw, Hurricane Outages

Oil Jumps 4% On Inventory Draw, Hurricane Outages

Oil prices surged on Wednesday, with Brent up over 3% and WTI up nearly 4% shortly after the Energy Information Administration (EIA) reported surprise draws in US crude oil inventory and natural gas stocks. Also contributing to the surge in oil prices was a US dollar giving up some of its recent gains and some … Read more

Oil Falls Below $80 As Powell Warns A Recession May Be Looming

Oil Falls Below  As Powell Warns A Recession May Be Looming

Oil prices dipped by 5% early on Friday, with the US benchmark slumping to the lowest level since January, on the back of heightened concerns about slowing economic growth and recessions looming. As of 10:06 am ET on Friday, WTI Crude had dipped below the $80 a barrel mark, and was trading down by 5.58% … Read more

Albertans to see tax hike on gas prices Oct. 1

Albertans to see tax hike on gas prices Oct. 1

Albertans will see a partial return of the provincial fuel tax on the price of gasoline and diesel starting on Oct. 1, as retailers have been told by the UCP government to begin collecting 4.5 cents per litre. Retailers were informed of the change through a special notice sent out by the province on Sept. … Read more

Oil Capitulates On Global Recession Fears

Oil Capitulates On Global Recession Fears

Breaking through new technical levels, Brent crude has plummeted nearly 4.6%, below $90, and WTI has plunged to $82, shedding over 5%, as fears of global recession appear to be driving the oil markets into a longer-term spiral downwards. As of 12:40 p.m. EST, Brent crude is trading down 4.57% at $88.59 per barrel for … Read more

WTI Crude Falls To Lowest Level Since January

WTI Crude Falls To Lowest Level Since January

Crude oil prices fell further on Tuesday, with WTI falling to its lowest benchmark price since January this year. Crude oil prices began their fall on Monday, dragged down by China’s disappointing economic data that led to China’s central bank cutting lending rates. WTI prices fell to $86.13 per barrel by 2:24 pm ET, down … Read more

Barclays Slashes Oil Price Forecast To $103 Per Barrel

Barclays Slashes Oil Price Forecast To 3 Per Barrel

Resilient Russian oil supply and an expected surplus on the market prompted Barclays to slash its Brent oil price forecast to $103 per barrel for this year and next, down from $111 a barrel previously expected. The bank also cut its outlook on near-term WTI Crude prices by $8 a barrel, expecting the US benchmark … Read more

Asia Gobbles Up Cheap US Crude At OPEC’s Expense

Asia Gobbles Up Cheap US Crude At OPEC’s Expense

Asian buyers have bought a substantial amount of cheap US crude on the spot market, suggesting that demand for Middle Eastern grades will be lower in the immediate future, Bloomberg reports, citing traders. According to them, South Korean and Indian refiners had bought some 16 million barrels of US crude on the spot market so … Read more

As oil prices fall, what happens to Alberta’s gas tax relief plan?

As oil prices fall, what happens to Alberta’s gas tax relief plan?

As Alberta drivers get set to head out for another summer weekend, prices at the gas pumps are trending down. On Friday afternoon, most stations in Edmonton had pump prices around 157.9 cents per litre, with at least one station charging as low as 136.9 cents per litre. Read more: Gas tax savings to start … Read more