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- The increase this year, prompted by geopolitical worries and supply constraints, has sent gasoline prices higher and could hamper efforts to tame inflation.
www.nytimes.com/2024/04/09/business/oil-price-rise.htmlWhy Oil Prices Have Been Rising Recently - The New York Times
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Apr 9, 2024 · In 2023, strong growth in crude output from the United States, the world’s largest oil producer, and other countries outside the Organization of Petroleum Exporting Countries helped reassure...
- OPEC Production Cuts
- Demand Trends Strong
- U.S. Rig Counts Falling
- Looking Ahead For Oil
Perhaps the single biggest driver of rising oil prices has been supply cuts by Russia and the Organization of Petroleum Exporting Countries (OPEC). On September 5, Saudi Arabia announced it will be extending its 1 million barrel per day production cuts through at least the end of the year. Russia has announced it will be cutting production by 300,0...
Historically, U.S. oil demand and economic growth are highly correlated, and the U.S. economy has performed much better than most economists had anticipated so far in 2023. Crude oil prices pulled back from their recent highs after the Federal Open Market Committee (FOMC) took a hawkish tone at its September meeting, emphasizing investors should be...
In the past, U.S. oil companies reacted to rising oil prices and tight supplies by aggressively investing in ramping up oil production. This time, they seem to be taking a much more cautious approach. The number of operating U.S. oil rigs dropped by eight to 507 rigs for the week ending September 22, its lowest level since February 2022. Total U.S....
Looking ahead, U.S. oil refiners expect to have about 1.7 million bpd of refining capacity offline for the week ending September 29, and that offline capacity is expected to expand to 1.9 million bpd for the week ending October 6, according to research company IIR Energy. Given falling rig counts and offline refiners, U.S. drivers may not get much ...
- Wayne Duggan
We describe the seven key factors that could influence oil markets and explore possible links between each factor and crude oil prices. We include regularly updated graphs that depict aspects of those relationships.
Jan 4, 2023 · High crude oil prices led to lower U.S. gasoline demand as gasoline prices rose. Meanwhile, severe COVID-19 containment measures in China contributed to lower global petroleum demand. On December 8, the price of Brent crude oil reached the lowest 2022 price, at $75/b.
Apr 2, 2024 · Brent crude oil prices touched a fresh over five-month high on Tuesday morning, at $88.3 per barrel. This was a weekly rise of 3.3% and a monthly gain of 7.7%. Crude oil prices also advanced 1%...
Apr 4, 2024 · Rising seasonal demand and higher crude oil prices have resulted in the highest average U.S. gasoline prices in nearly six months, with the national average at $3.58 per gallon as of April...
Sep 28, 2023 · Oil prices surged to their highest level in over a year after crude stocks at a key storage hub fell to their lowest since July last year. The U.S. West Texas Intermediate futures...
