Crude oil started February in the high $80s, before breaking through the $90 mark a few days into the month. OPEC continues to meet each month and even though oil prices soar, they continue to make no adjustments to their 400k barrels per day increase plan. Demand remains strong and oil inventory levels continue to drop making supply extremely tight.

Oil prices started the year at $76/barrel, the highest mark since Thanksgiving, and they would not stop there. OPEC+ had met early in January and agreed to another output increase in February, but it was not enough to offset other factors driving prices higher. Global demand has remained strong compared to supply as the Omicron variant proves to be less

As we get more information about Omicron, oil prices bounce up and down. Oil prices started December creeping back into the $70s as reports came out claiming the newest strain of COVID is milder than originally thought. Not much has changed over the past month with demand and supply otherwise. The following graph shows the daily price movements over the

November oil prices started the month at $84/barrel. Certain analysts such as Bank of America were once again predicting prices well over $100 by mid-2022. Inventory levels were tight, and demand was still strong. OPEC+ has maintained their plan to increase production and winter is just around the corner. All signs pointed to higher fuel prices until a new variant

Oil markets started October at roughly $75/barrel and prices would not stop there.  OPEC+ had met and the oil giants concluded they would keep the same level of output despite increasing demand.  Oil prices continued to inch higher and higher until finally passing the $80 mark. This was the highest seen in seven years.  The following graph shows the daily

Although Hurricane Ida made landfall August 29th, it continued to wreak havoc into September as it moved up the east coast smashing the northeast. Well into the month, Louisiana suffered with power outages from the category 4 hurricane which caused long haul deliveries due to local refineries and terminals being offline. Oil began September at just over $68/barrel and ended

Oil started August above $70/barrel but fell below the mark just a few days into the month.  By the 9th of the month, oil fell by 4% to its lowest point since May, mainly due to China’s surge in COVID cases from the Delta variant, imports being down, and a strong US dollar.  The following graph shows the daily price

Oil prices continued to rise through the beginning of July as average gasoline prices climbed to 7-year highs.  The theme of the month was “What would OPEC+ do?” to either further the price increases or help pull them back, as demand continues to grow, and supply gets tighter.  The following graph shows the daily price movements over the past three

Oil prices have been on a steady climb since the end of May.  June saw even larger increases as oil hit a two year high to start the month.  Fuel prices should continue to rise as we are now into summer and analysts expect demand to get back to 2019 levels and possibly even surpass those levels.  The following graph

May was a busy month, the major headline being the Colonial Pipeline outage.  Compared to April, the overall price of oil was much higher in May, and prices should continue to trend upwards as we head into June and the summer driving season takes off.  The following graph shows the daily price movements over the past three months: May started