Rising U.S. consumer demand, combined with a rise in the price of crude oil, has led to an increase in gas prices at the pump. The national average price for a regular gallon of gas was at $3.46 on Jan. 24, according to data from the American Automobile Association (AAA). The auto association attributed much of…
Gasoline Prices Surge as Consumer Demand Rises in January
January 24, 2023
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US Poised to Become Net Exporter of Crude Oil in 2023
HOUSTON—The United States has become a global crude oil exporting power over the last few years, but exports have not exceeded its imports since World War II. That could change next year. Sales of U.S. crude to other nations are now a record 3.4 million barrels per day (bpd), with exports of about 3 million…
Official Says Cleanup of Keystone Oil Spill Could Take Weeks
Local officials in Kansas said Tuesday that the cleanup of the spill from the Keystone Pipeline, which carries crude oil from Canada to multiple U.S. states, will take a few more weeks. It’s not yet known when the pipeline will resume operations after it was shut down on Dec. 8 after a spill of nearly…
Wall Street Boosts Oil Price Forecasts After OPEC+ Supply Cuts
Wall Street investment banks have raised their price forecasts for oil after OPEC+ moved to slash production by around 2 million barrels per day and squeeze supply in a snub to the Biden administration and its pleas to the cartel to pump more crude. While the White House reacted negatively to OPEC’s decision by accusing…
US Refiners Eye Canadian Oil Once Strategic Reserve Turns Off Taps
September 20, 2022
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NEW YORK—U.S. refiners are expected to buy more Canadian oil after the Biden administration ends releases from the Strategic Petroleum Reserve (SPR) this fall, traders said, adding this should boost the price of Canadian barrels at a time of tight global supply. The coming end of SPR releases could shift market dynamics again in a…
Oil Rises 2 Percent on Supply Concerns, Expectations for Fuel Switching
September 14, 2022
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NEW YORK—Oil rose about 2 percent on Wednesday, rebounding from the previous day’s lows, as an international energy watchdog expects an increase in gas-to-oil switching due to high prices this winter, even though the outlook for demand remains gloomy. Brent crude futures rose by $1.86 a barrel, or 2 percent, to $95.03 by 11:58 a.m….
US Refiners Boost Heavy Crude Imports as Biden Threatens Executive Action
The United States has increased heavy crude imports amid Western sanctions on Russia and President Joe Biden’s letter calling on U.S. energy producers to make more gasoline and diesel. Customs data shows that U.S. refiners last month imported the highest number of crude barrels in nearly two years, with refiners importing 33.5 million barrels of heavy crude…
Russian Seaborne Crude Exports Rise, Boosting Kremlin Oil Revenue by 25 Percent
Russia’s seaborne crude exports rose in the week of April 16–22, potentially serving to further bolster President Vladimir Putin’s invasion of Ukraine. Forty tankers loaded about 28 million barrels of oil from Russian export terminals in that week, according to vessel-tracking data and port agent reports collected and analyzed by Bloomberg. That means that the…
Oil Could Surge to $185 a Barrel If EU Bans Russian Crude: JPMorgan
April 20, 2022
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Analysts at JPMorgan have warned that a full and immediate ban on Russian oil imports into the European Union could drive the price of crude up to $185 per barrel. Natasha Kaneva, Head of Global Commodities Strategy at JPMorgan, said in a note cited by Bloomberg that if the E.U. decides to expand its limited embargo…
Oil Jumps in Volatile Trade Amid CPC Pipeline Disruption
March 23, 2022
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LONDON—Oil prices rose in volatile trading on Wednesday, supported by disruption to Russian and Kazakh crude exports via the CPC pipeline. Brent crude futures were up $5.16, or 4.5 percent, at $120.64 a barrel at 1335 GMT. Prices had earlier fallen to a low of $114.45. U.S. West Texas Intermediate (WTI) crude futures rose $4.83,…
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