Oil prices remained in the low $70’s per barrel during the turn from 2023 to 2024. Even with things remaining volatile in the Middle East, weak demand and strong supply continue to overpower the market’s concern for global conflicts. The following graph shows the daily price movements over the past three months: By mid-month, the conflict in the Middle East

Oil prices continued to decline throughout December, briefly falling below $70/barrel. This was welcome news for consumers as they would have more spending money on holiday presents due to fuel prices continuing to fall. The following graph shows the daily price movements over the past three months: By mid-month, oil prices were just below $69/barrel, the lowest level we have

Oil prices began October with a drastic dip, dropping to $82/barrel after hitting a high of almost $94/barrel in September. Prices would then surge with uncertainty in the Middle East as Hamas attacked Israel while OPEC+ once again decided to continue production cuts. The following graph shows the daily price movements over the past three months: With turmoil in the

Oil prices continued their ascent into September, reaching the mid- to high-$80/barrel mark to begin the month. Saudi Arabia maintained their production cuts for another month and the market reacted with fears of supply tightening. The following graph shows the daily price movements over the past three months: By mid-month, oil prices surpassed $90/barrel. These are the highest levels seen

Early in August, oil prices jumped as Saudi Arabia once again extended their one million barrels per day cut into September. Signs continue to point towards another extension in October which will keep supply tight. Hurricane season is off to a fast and furious start with four storms in about a two-week period. The following graph shows the daily price

Oil prices were heating up in July as was the rest of the country with triple digit temperatures. WTI Crude continued to gain steam throughout the month as prices approached $80/barrel for the first time since mid-April. The following graph shows the daily price movements over the past three months: Things change quickly in the oil market. By mid-month, crude

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