Oil prices entered May at a subdued $58/barrel, nearly dipping below $57 on May 5. This would prove to be WTI’s lowest price point of the month. Lower prices helped foster a demand increase, with reports in early May of U.S. crude inventories dropping at a faster-than-expected rate, boosting prices higher. However, the following week brought reports of a higher-than-expected

Oil prices began April relatively strong at $71/barrel. A flurry of tariff announcements, coupled with OPEC+’s decision to reverse planned production cuts, sent oil futures plummeting to $59/barrel within the first seven trading days of the month. Increased recession risks and slumping demand prevented any immediate recovery in oil prices.  The following graph shows the daily price movements over the

Oil prices began March at $68/barrel.  Concerns about tariff impacts, along with OPEC’s plans for eight of its member nations to increase production for the first time since 2022, pushed prices down to $66 by the end of the first week of March. A fresh round of additional sanctions on Iran helped prices rebound. The following week, OPEC issued its

Oil prices began February at $73/barrel. After an initial announcement of tariffs on imports from Canada and Mexico, the Trump administration quickly decided to pause for 30 days. Additional tariffs and sanctions were placed on China and Iran also. These actions caused oil prices to retreat for the near term toward $70/barrel, but fears of a trade war are building.

Oil prices began 2025 ascending towards $80/barrel. The main contributors being the positive economic news coming from China, as well as the coldest temperatures in the past decade across the U.S. These factors were causing oil prices to spike due to a brighter global demand picture, and the more immediate need for heating oil in the Northeast. The following graph

Oil prices opened the last month of 2024 in the high $60s/barrel. OPEC+ met in early December and decided to move any production increases until April 2025. Previously, production cuts were supposed to begin unwinding in January. Furthermore, they announced an additional year of restrictions, as suppliers are showing their concern about oil prices falling further in 2025’s weaker demand