President-elect Donald Trump’s pick of U.S. Senator Marco Rubio for secretary of state could signal stricter enforcement of oil sanctions on Iran and Venezuela but concerns about retaliation by China could temper any efforts. Rubio, a longtime member of the Senate Foreign Relations Committee, has long pushed for a tougher U.S. policy on Iran and […]

The International Energy Agency (IEA) reported that the world oil market is expected to face a significant surplus in the new year, with public stocks exceeding 1.2 billion barrels and OPEC+ spare capacity at historic highs. The agency reassured markets that it stands ready to address any potential supply disruptions from Iran. Despite recent price

Consumer confidence took an unexpected hit for September, dropping the most it has in three years. The index fell by 6.9 points to 98.7, which is the biggest drop since August 2021. Expectations for the next six months sunk to 81.7, and the view of current conditions fell to 124.3. The drops are mainly due

There have been several oilfields across Libya that have halted output. This is due to a dispute between rival government factions over control of the Central Bank and oil revenue. This has halted about 400,000 barrels per day of oil output. This would give a bullish tone to the market but, OPEC+ is scheduled to

OPEC+ is going to have a meeting on Thursday, August 1st to discuss their current production cuts. Oil prices were down 9% this month while OPEC+ is currently cutting output by 5.86 million barrels per day. This is just under the 6% of the global demand. In June of 2024 OPEC+ agreed to extend cuts

As of Monday July 1st, the strength in the market has continued, with diesel prices jumping over 3% in just one session. Oil prices gained 6% in June after sagging in May. The RSI ( Relative Strength Index) is sitting at 67.9. Anything above 70 is considered to be in Overbought territory, which would indicate

Oil supply growth for 2024. Rysted Energy reported earlier this week that they expect a slowdown in 2024 of global oil supply growth. This is due to OPEC+ extension on production cuts. Rysted Energy also stated they see a 80,000 barrel per day growth versus their before prediction of 900,000 barrels per day. The group

The market has had a bearish tone lately. The real surprise is Gas. Memorial Day weekend is the typical beginning of the summer driving season and higher gas demand for the United States. There have been a few slight up days in the last 2 weeks but mostly gas has been trending down. Distillate and

Oil and products are lower today as the market looks to continue this week’s slide. Worries surrounding economic conditions and fuel demand due to higher interest rates along with expectations that the FED will not cut rates until fall at the earliest is weighing on prices. Further insights into the FED’s policy could be seen