Since the beginning of April and a brief dip here or there for a day, oil prices have remained above $100/barrel. We have not seen a peak as high as we did in early March, yet in May, diesel and gas prices continued to hit all-time highs. The following graph shows the daily price movements over the past three months:

Compared to March, things were much calmer in April. Crude oil started around $100 and finished just under $105/barrel. About a month after oil hit it’s high of roughly $124/barrel, oil has dipped below $100 on three separate occasions. However, consumers have yet to feel relief at the pump as gas and diesel remain well over $4 and $5/gallon respectively.

Crude oil started March above $100, and it would be a wild ride from there on. Diesel and gas had days of 50+ cents per gallon increases at the pump, putting everyone on notice that war in Ukraine might have fuel prices spiking much higher. Gas prices were well over $4/gallon nationwide, while diesel was over $5/gallon. The following graph

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