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

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

Why Oil Prices Could Spike Next Week

Why Oil Prices Could Spike Next Week

US West Texas Intermediate crude oil futures are trading higher on Friday on reports that OPEC and its allies will ignore President Biden’s request to boost supply at next week’s production meeting. A weaker US Dollar and stronger risk sentiment is also lending support at the close of the week. Crude oil traders have been … Read more

Brent-WTI Spread Widens To Over $8 As US Gasoline Demand Slows

Brent-WTI Spread Widens To Over  As US Gasoline Demand Slows

The spread between Brent crude oil prices and West Texas Intermediate (WTI) hit its widest level in over three years on Monday, with WTI down more than $8 compared to Brent as US gasoline demand falls. Brent crude was trading at $104.8 on Monday 11:41 EST, while WTI was trading at $96.12, representing a spread … Read more

Oil Prices Unmoved By Small Crude, Gasoline Build

Oil Prices Unmoved By Small Crude, Gasoline Build

The American Petroleum Institute (API) reported a build this week for crude oil of 1.860 million barrels, while analysts predicted a build of 333,000 barrels. The build comes as the Department of Energy released 5 million barrels from the Strategic Petroleum Reserves in Week Ending July 15, to 480.1 million barrels. US crude inventories have … Read more

Oil Enters A Bear Market As Recession Fears Grow

Oil Enters A Bear Market As Recession Fears Grow

For the second day in a row, oil and gas stocks emerged as the worst-performing S&P sector as US crude oil futures settled in a bear marketfalling more than 20% from a March peak on Wednesday. Front-month WTI crude closed -1% at $98.53/bbl, the lowest settlement in nearly three months and the second straight settlement … Read more

EIA Inventory Report Arrests The Oil Price Bounce

EIA Inventory Report Arrests The Oil Price Bounce

Crude oil prices moved lower after the Energy Information Administration reported an inventory build of 8.2 million barrels for the week to July 1. This compared with a draw of 2.8 million barrels for the previous week. A day earlier, the API had estimated a crude oil inventory build of close to 4 million barrels, … Read more

Should You Buy The Oil Price Dip?

Should You Buy The Oil Price Dip?

Oil prices nosedived alongside the broader market on Tuesday, with US crude dipping to the psychologically important level of $100/bbl as growing recession fears coupled with concerns over weakening demand outweigh a fundamentally tight supply market. WTI crude tumbled 8.2% to $99.50/bbl, the lowest since April 25 and the first close below the $100/bbl level … Read more

WTI Drops Below $100 As Recession Fears Grow

WTI Drops Below 0 As Recession Fears Grow

Despite serious supply problems in the market, oil prices crashed on Tuesday morning due to recession renewed fears and the prospect of demand destruction. Whilst most of 2022 could only be characterized as a period of hardship for Europe’s embattled industries, things are about to get even worse as Russian pipeline supply falls and power … Read more