Low Cushing Inventories Could Lead To Higher Oil Prices
Crude oil inventories at Cushing, Oklahoma—the designated delivery point for WTI Crude...
Crude oil inventories at Cushing, Oklahoma—the designated delivery point for WTI Crude oil futures contracts—have been falling for the past four weeks, reaching what could be uncomfortably low levels and pointing to a potential further upside for oil prices.
In the latest reporting week to January 28, the U.S. Energy Information Administration (EIA) said that Cushing crude inventories fell to 30.5 million barrels, down by 1.2 million from the previous week. Cushing inventories are now down by 37.3 percent compared to this time of the year in 2021.
Houston Smoke Plume May Be Tied to Post-Storm Refinery Start
Black smoke spewed across Houston’s industrial suburbs on Monday, just days after a winter storm knocked...
Black smoke spewed across Houston’s industrial suburbs on Monday, just days after a winter storm knocked out power at several of the nation’s largest oil refineries.
The plume appeared to be from Valero Energy Corp.’s plant east of downtown, according to a Coast Guard official. The refinery had been completely shut down as of Monday morning, according to Wood Mackenzie Ltd.
Valero was in the process of restarting some units over the weekend and notified emergency management officials of plans to flare “excess material.” In a later notice, the company said the problems stemmed from a third-party power outage.
Panicked at the pumps: Florida gasoline prices hit 8-year high, AAA says
Gas prices in Florida continued to skyrocket in the last week, climbing to the highest they’ve been...
Gas prices in Florida continued to skyrocket in the last week, climbing to the highest they’ve been in the last eight years.
The average price for a gallon of gas Monday is $3.47, according to the weekly briefing from the AAA-The Auto Club Group, for an increase of 12 cents in the last week.
That’s the highest prices have been since July 2014.
AAA officials are continuing to predict increasing prices linked to the growing costs of crude oil, from which gasoline is refined. Crude oil settled on $92 a barrel Friday, the first time since 2014 it topped the $90 mark.
Natural gas futures eased this morning (down 29 cents @$4.28)...
Natural gas futures eased this morning (down 29 cents @$4.28)following forecasts for warmer-than-normal temperatures in the next two weeks than previously expected. The European Union is talking to the United States and other suppliers about boosting gas deliveries to Europe as prices have soared to record levels in recent months and tensions between Ukraine/Russia continue to rise. "We are building a partnership for energy security with the United States, which is primarily about more LNG gas supplies. We are talking to other gas suppliers, for example, Norway, about increasing their supplies to Europe," von der Leyen told a conference organized by German media Der Tagesspiegel, Die Zeit, Handelsblatt and Wirtschaftswoche on Monday.
Oil futures are seesawing in and out of negative territory (...
Oil futures are seesawing in and out of negative territory (WTI has traded between a high of $92.73 and a low $90.73)as signs of progress in the U.S.-Iran nuclear talks that could lead to the removal of U.S. sanctions on Iranian oil sales offset concerns about supply shortages. Although the sanctions relief will have limited impacts on Iran's struggling economy, they were perceived by the markets as a positive signal that both sides are determined to reach a deal. Iran could quickly export millions of barrels of crude and help drive down oil prices if U.S. sanctions are lifted as they have been moving oil into place to prepare for the eventual resumption of its exports. Tensions in Eastern Europe are fueling supply shortage concerns, with the White House saying on Sunday that Russia could invade Ukraine within days or weeks.
