The Energy Information Administration (EIA) just released its weekly reports on petroleum and natural gas supply and demand. They both showed the beginnings of a return to balance in the American fuel market. While demand remains low for oil and its refined products, supply is moving lower for equilibrium. The same is happening for (more…)
Posts Tagged ‘oil prices’
Some balance returning to US fuel inventories
Thursday, July 9th, 2009Recession keeps a lid on fuel prices
Thursday, July 2nd, 2009
The recent oil price rally has taken a break due to the persistence of recessionary low demand. While lower prices may finally translate into lower crude oil and natural gas output in July 2009 than in 2008, US demand numbers show little sign of recovery. This reality makes it tough for renewable energy to compete currently, but is a relief to (more…)
Oil prices rise, but supply still high
Thursday, June 18th, 2009Pump prices are about to hit $2.70 per gallon nationwide, and oil has remained above $70 per barrel for several days. Most of the increase has come on expectations of economic recovery – like today’s increase in projection for China’s 2009 growth to 7.2% rather than 6.5% by the World Bank. But even more positive economic news will struggle to increase prices much more unless fuel inventories fall from (more…)
Gas price passes $2.50 at the pump
Monday, June 1st, 2009As I wrote a couple weeks back was likely, gasoline prices just rose above $2.50 per gallon nationwide. And since oil prices have kept increasing, the gasoline price has a bit further to rise. This has huge implications for our whole energy (more…)
Oil price passes $60 on weaker dollar: Gas may hit $2.50
Wednesday, May 20th, 2009
The price of oil is retracing its 2004-05 climb rather quickly of late. While some of the rise in oil prices relates to supply concerns from Nigeria and a perceived stabilization in the economy, it is also linked to (more…)
Oil & Gas Prices Back on the Rise
Thursday, May 7th, 2009
The prices of oil and natural gas appear to have bottomed now. But with inventories near record levels, a quick price spike much higher doesn’t seem sustainable in the short-term. Yesterday, the US Energy Information Administration (EIA) weekly petroleum report clearly showed that recessionary low demand continues to dominate (more…)
US oil output finally following rig count down
Friday, May 1st, 2009
For months I’ve been talking about the potential of falling prices and rig counts to lower production. Well, in last week’s Energy Information Administration weekly petroleum report we finally saw a significant drop in crude oil output of (more…)
US Oil Output Down: Noise or Beginning of New Trend?
Wednesday, April 8th, 2009
The US Energy Information Administration (EIA) released its weekly petroleum report today and it continues to point to ample supplies of crude oil and related products. But domestic crude oil production fell for the first week in a long time. Is this just a blip or have we begun the downward slide in crude oil production due to (more…)
US Oil Imports Down, Supplies Ample
Wednesday, February 25th, 2009US oil imports are falling quickly in 2009, since our demand is lower and our domestic production strong. Today’s US Energy Information Agency (EIA) weekly petroleum report showed crude oil imports down more than 10% from the same week in 2008, and production up around (more…)
IEA Predicts $150 Oil by 2020s as Fields Deplete
Friday, November 7th, 2008
The Paris-based International Energy Agency was formed during the oil crisis of the 1970s to help consumer countries best coordinate mitigation of politically-induced oil scarcity 30 years ago. They helped to spur demand reduction and supply stability that brought prices down to historical norms in the mid-1980s. But now they warn of a more serious and long-term development in the oil sector: the age of cheap oil is ending because (more…)