oil prices

US gasoline production at record levels, but supplies are still dropping on record exports

Even with a record high in our gasoline production, the EIA reported that our gasoline supplies fell by 1,593,000 barrels to 227,143,000 barrels as of December 23rd. While our gasoline imports fell by 13,000 barrels per day to 434,000 barrels per day, our gasoline exports rose by 354,000 barrels per day to a record high of 1,149,000 barrels per day,

OPEC agrees to cut production back to March levels, oil prices spike 14%

At their meeting in Vienna on Wednesday, the member nations of OPEC agreed to cut their oil production by 4.5% for a period to run 6 months, effective January 1st.  The amount of oil output each member is expected to forgo is generally based on their October production, although for some countries, such as Iran, the baseline for the output cut has been adjusted for special factors.   Libya and Nigeria, whose recent production has been disrupted by civil conflict, will be exempt from the cuts.

New Well Productivity Triples in the Utica; Gasoline Supplies at a Summertime High

Wednesday's release of US oil data for the week ending July 15th by the US Energy Information Administration indicated that our oil imports rebounded back to above recent averages, that our refineries ramped back up to seasonal levels to use all of those extra imports, and as a result another small portion of our monstrous glut of crude oil was converted into a glut of refined products.

Oil Crashes on Brexit, Oil Imports at a 42 Month High, Record Gasoline Output and Usage

Oil prices crashed along with global financial markets on Friday following the British vote on Thursday to exit the European Union (typically referred to as "Brexit"), which is widely expected to precipitate a period of political instability in Europe.

Bets Drive Oil Prices Up 20% In April Despite New Inventory Records Each Week

Oil prices, and prices for everything that is refined from oil, continued to head up last week, something you don’t need me to tell you if you've bought gasoline lately.  There has been no fundamental change in the global oversupply situation that would account for higher prices, however, but rather a change in the betting positions of oil speculators.