We forecast higher crude oil prices in the second half of 2023 and into 2024 in our latest Short-Term Energy Outlook (STEO) because of moderate but persistent inventory drawdowns. Inventory drawdowns take place when demand for a commodity is greater than the supply of that commodity. We expect production cuts from … [continued]
Middle Eastern oil producers are worried that more people will buy EVs in light of the high oil prices. Iraq’s oil minister, Ihsan Abdul Jabbar, shared these thoughts with the New York Times, noting that members of the Organization of the Petroleum Exporting Countries (OPEC) are concerned about this possibility. … [continued]
Even from this short-term crisis, IHS Markit expects no real return to “normal,” at least not soon. “However, about one third of the volumes (approximately 550,000 b/d) will stay off the market for the long-term
“Elon Musk Day” was trending on Twitter yesterday as many, including myself, celebrated him on 4/20, but what wasn’t planned was oil prices crashing to $0. Actually, oil went past $0 and into negative territory.
With the COVID-19 pandemic keeping many people and cars at home and the looming threat of mass bankruptcy forcing consumer demand even lower, we have to ask: are gas stations making any money?
I’m going to get to China in a moment, and the notable news of the week from that side of the world — another power grab of sorts that will almost certainly shift the global economy and politics to some degree or another. First, though, I just watched some great interviews with two conservative American pundits that I think made some important notes that relate to the broader story (you have to connect a few dots, which we’re not great at these days, but connecting the dots does create a coherent picture).
Let’s start this analysis with the 2013 figures for the United States (right). In general, the oil export/import status looks better for the US than it has in a long time. Although the US is a major oil producer, it has been an even heavier oil consumer, importing millions of … [continued]
The U.S. Energy Information Administration has begun posting a set of key energy commodity spot and futures prices on the Today in Energy webpage. These prices provide a daily snapshot of energy markets in the United States. This report (available on the Prices tab in the navigation bar above) will typically … [continued]
