North Korea has fired a suspected ballistic missile into the sea. The weapon’s launch was confirmed by military officials in both Japan and South Korea. They say it was fired at around 5am this morning – but its exact landing place is unknown. It was not revealed how far the weapon, designed to be deployed …
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The European Union has been unable to agree on a comprehensive oil embargo on Russian crude, hindered by internal disagreements on the timeline of the phasing out. Should the draft see adoption, we might be in for another supply squeeze as OPEC+ has clearly indicated it values consistency over abrupt moves. Should the United States …
Continue reading “Distillite stockpiles in the US keep dropping”
Oil prices were set for a second consecutive weekly gain. Brent tops $113 per barrel in early trading on Friday morning. Some EU members are pushing against a full embargo on Russian oil. Oil prices were set for a second consecutive weekly increase early on Friday, as the EU’s proposal to ban imports of all …
The U.S. added a solid 428,000 new jobs in April, but an acute labor shortage showed little improvement last month and threatens to add to the highest inflation in 40 years. The unemployment rate was unchanged at 3.6%, the government said Friday, just a few ticks above a 54-year low. The size of the labor …
https://youtu.be/lzDPwUtk1lU Oil prices climbed for a third session in a row today, shrugging off concerns about global economic growth as impending European Union sanctions on Russian oil raised the prospect of tighter supply. Brent futures rose $2.08, or 1.88%, to $112.98 per barrel this morning, while US West Texas Intermediate (WTI) crude climbed $2, or …
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NEW YORK (Reuters) – U.S. fuel prices have surged faster than crude oil prices in the last month, as the United States has shipped more refined products abroad to supply European markets following Russia’s invasion of Ukraine. Traders say the world’s stockpiles of fuel are not likely to increase quickly as big producers like OPEC, …
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The COVID-19 death toll probably climbed to almost 15 million in its first two years — about one out of every 500 people globally — according to a new World Health Organization estimate. The figure, far higher than the official numbers for 2020 and 2021, includes deaths directly due to COVID infection and those indirectly …
OPEC+ agreed to leave its production plan unchanged. As expecded Very short virtual meeting ends with modest 432,000 bpd production quote increase for June. Currently, OPEC+ is producing around 1.5 million bpd below its quota. The OPEC+ group agreed on Thursday to leave its production plan unchanged, aiming to boost crude oil production in June …
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Russian oil production is falling. In March, it shed half a million bpd, which by the end of April reached a full 1 million bpd, according to BP’s CEO, Bernard Looney. And this may well grow to 2 million bpd this month. These barrels may not be returning to the market any time soon. As …
Continue reading “Russia’s Oil Output Is Plummeting, And It May Never Recover”
The average price of diesel just hit a new record for a third consecutive day. It now sits at $5.43 per gallon. That’s actually a significant jump over yesterday’s $5.37, according to AAA. Gas prices also continuing to rise, but not at quite the same pace. The average price of a gallon of regular gasoline …
Continue reading “Diesel Prices Hit New Record On Wednesday”