OPEC met early in June and decided to keep current supply cuts in place. However, Saudi Arabia volunteered to reduce production by approximately 1M barrels per day. The market reacted with oil prices climbing back into the low $70’s with fears of tightening supply and news that Chinese oil imports have increased. The following graph shows the daily price movements
In early May, oil prices fell from the mid-$70s/barrel, even dipping below $70 for a few days. Demand fears continue to weigh heavily on the market after the recent banking crisis, as well as the Chinese economy likely falling short of expectations. The following graph shows the daily price movements over the past three months: As we moved further into
Oil prices continued their rise back above $80/barrel in the first half of April after OPEC+ announced additional supply cuts. Supply has been getting tighter on its own with recent drops in inventory levels. Now analysts find themselves raising their price forecasts for 2023. The following graph shows the daily price movements over the past three months: Historic flooding in
Early in March, oil prices continued their upward trend from the end of February, briefly topping $80/barrel. The main factor was the belief that global demand was rising with China’s economy rebounding. Aiding that further, was some positive news about the U.S. economy as inflation fears were cast aside for the time being. The following graph shows the daily price
Oil spent all but one day below $80/barrel in February. Oil prices continued to fall into the mid-to-low $70s/barrel to start the month with builds in fuel inventories. Just like with the current stock market, high inflation news seems to have a negative effect on oil prices. Fears of a recession still loom large due to central banks raising interest
Oil finished 2022 briefly topping $80/barrel, then started 2023 just under that mark. Early in January, prices quickly fell toward the low $70’s per barrel. The decline was mainly attributable to concerns about global oil demand as China struggled with surging Covid cases. In addition, a mild start to the winter season and economic recession fears were among other reasons
Oil spent most of December in the $70s per barrel even with OPEC’s decision to stick with their 2 million barrels per day cut established in October. Falling oil prices created some extremely high retail margins for both diesel and gas as retail stations were slow to lower their pump prices matching the market. The following graph shows the daily
Oil prices climbed back to the $90/barrel range briefly in November before quickly falling back to just above $80/barrel by the end of the month. With tight supply and OPEC+ announcing a production cut last month, all signs pointed to prices rising. Just more proof that it’s virtually impossible to know exactly where fuel prices are going to end up!
After bottoming out at about $76/barrel in September, oil prices turned upward in October. OPEC+ met and announced supply cuts of 2M barrels per day which resulted in oil prices passing $90/barrel in early October. The following graph shows the daily price movements over the past three months: It’s pretty evident that OPEC+ would prefer to keep oil prices as
Oil prices continue to drop, falling below $80/barrel in September. As we close out the summer and move into fall, the story has not changed. There are still fears of a global recession and demand in China has not increased due to their COVID lockdown. The following graph shows the daily price movements over the past three months: OPEC+ met
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