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.
The energy sector is poised for a lower start, pressured by weakness in the crude complex but supported...
The energy sector is poised for a lower start, pressured by weakness in the crude complex but supported by the major market indices which are set to open mixed to higher as investors await more corporate earnings reports. Markets are on alert for rate rises in both the Eurozone and the United States after the ECB last week was considered to have adopted a more hawkish tone. This week, investors will be eyeing fresh U.S. inflation data and jobless claims, due on Thursday.
Despite being the second-biggest oil producer in Latin America, Mexico seems unable to effectively develop...
Despite being the second-biggest oil producer in Latin America, Mexico seems unable to effectively develop its oil industry. Challenges and failures have been discussed in the media for years, and it seems that even with President Andres Manuel’s (AMLO) new approach to the country’s energy sector few results have been seen.
Crude oil surpasses $90 a barrel for first time since 2014, driving average gas prices up
In just one month, “WTI is up nearly 20% for the year, building on 2021′s more than 50% gain. As...
In just one month, “WTI is up nearly 20% for the year, building on 2021′s more than 50% gain. As oil prices push higher, a number of Wall Street analysts have forecasted $100 oil,” CNBC reported.
The national average for a gallon of regular gasoline also increased by five cents last week to $3.41, and prices are only expected to go up.
Ten states that saw the most recent and largest increases in their average gas prices, AAA reports, are Michigan (+14 cents), Wisconsin (+13 cents), Florida (+12 cents), Kentucky (+12 cents), Ohio (+11 cents), Indiana (+10 cents), Minnesota (+10 cents), Illinois (+8 cents), South Carolina (+8 cents) and Oklahoma (+8 cents).
Texas continues to have the lowest average gas price of $3.01, although in some areas in the Houston-Gulf region, regular gasoline is under $3 a gallon.
France Braces For Blackouts As Gas Stockpiles Dwindle
French natural gas pipeline operator GRTgaz warned that French gas stockpiles are much lower at this...
French natural gas pipeline operator GRTgaz warned that French gas stockpiles are much lower at this point in the year than they have been during years past - and as a result, they run the risk of potentially being depleted before the winter is up, a disaster that could make last year's deep freeze in Texas look tame if a sudden cold snap sends demand soaring.
According to data from Gas Infrastructure Europe, France’s stockpiles were about 34% full as of Feb. 1, which is well below the five-year average of 42%. Inventories are now at the lowest seasonal level since 2018, when a brutal winter cold snap nicknamed "the Beast from the East" left French reserves standing at just 3% when the heating season was over.
