West Texas Intermediate topped $82 per barrel earlier this week and Brent crude jumped above $85 per barrel as demand forecasts suggested a sizeable supply deficit for the second half of the year. Production remains constrained by OPEC+ cuts and outages As a result, the U.S. Department of Energy just pulled back an offer to …
Continue reading “Massive Oil Price Plunge…… US crude inventories down by 17 million barrels”
After climbing by 13% in July, oil prices were dragged lower on the first day of August by further disappointing economic data out of China. Oil bulls thoroughly enjoyed the 13% month-on-month increase in oil prices in July, but the first day of August provided another head-scratcher as Chinese manufacturing contracted in July with the …
Continue reading “China’s Economic Woes Weigh On Oil Prices Once Again”
(Reuters) – Goldman Sachs on Sunday revised up its global oil demand forecast for the year while sticking to its 12-month Brent price projection of $93 per barrel as higher realized inventories offset the demand boost from a less pessimistic growth outlook. Goldman analysts estimate global oil demand climbed to an all-time high of 102.8 …
The Federal Reserve’s preferred inflation measure edged higher in July, reversing some of the prior month’s sharp drop as the central bank works to bring inflation back to its 2% target. The Personal Consumption Expenditures (PCE) Index excluding the cost of food and energy, or so-called “core” PCE, rose 4.2% over the prior year in …
Continue reading “Feds Favorite Inflation Gauge Core PCE UP 4.2% Year Over Year……”
The government has announced that hundreds of new oil and gas licenses will be granted in the UK to boost British energy independence and grow the economy. The Prime Minister is expected in Aberdeenshire on Monday, where he will confirm plans to issue new licences for oil and gas exploration in the North Sea. Downing …
Continue reading “UK: ‘Hundreds’ of new oil, gas licenses to be issued”
NEW YORK, July 28 (Reuters) – Oil prices rose on Friday and notched a fifth straight week of gains as investors were optimistic that healthy demand and supply cuts will keep prices buoyant. Risk appetite in wider financial markets has been fueled by growing expectations that central banks such as the U.S. Federal Reserve and …
Continue reading “Oil posts fifth week of gains on signals of tighter supply”
Heartland Tri-State Bank in Kansas has been forced to halt operations by regulators after it became insolvent, marking it the fifth bank to collapse in the United States this year. After determining that the bank, which had its headquarters in Elkhart, had fallen insolvent, Kansas Bank Commissioner David Herndon appointed the Federal Deposit Insurance Corporation …
Continue reading “Heartland Tri-State Bank 5th to fail in US this year”
Gasoline prices have gained around 20% year-to-date. This week gasoline approached per gallon $3.00 a gallon. In the United States, gasoline inventories are below the five-year average. Crude Oil bases Brent topped $84.00 a barrel a 7 month high. In July the world consumed the most energy ever Russian Minister of Energy Nikolay Shulginov said …
U.S. retail gasoline prices reached their highest levels since November. Average gasoline prices have risen by 13.4 cents from a week ago today, according to AAA data published on Thursday. The current price for the average gallon of retail gasoline in the United States climbed to $3.714 per gallon on Thursday—up from $3.687 per gallon …
Continue reading “Crude Oil and Gasoline Prices Highest in 8 Months……..”
Scorching heat stresses US power grids, prices soar July 27 (Reuters) – U.S. power prices rose to their highest in months in a couple of markets as homes and businesses cranked up their air conditioners to escape a brutal heatwave blanketing much of the country this week, stressing electric grids. Extreme weather reminds consumers of …
Continue reading “PJM Interconnection LLC declared an Energy Emergency Alert Level 1”