A cold snap in the U.S. and continued attacks on ships in the Red Sea have boosted bullish sentiment in oil markets, although increasing product stocks could counter that narrative.
National average gasoline prices rose 0.6 cents from a week ago, hitting $3.04 on Sunday.
The national average price for diesel in the U.S. has seen a 2-cent drop in the last week, now at $3.89 per gallon.
GasBuddy: the escalating situation in the Red Sea created significant volatility.
Qatar paused sending liquefied natural gas tankers through the Bab el-Mandeb Strait after US-led airstrikes on Houthi targets in Yemen raised risks in the vital waterway.
API President: “American voters are watching.”.
The Biden administration had indeed been busy trying to curb oil and gas exploration as much as possible, with the culmination coming late last year when the federal government held the last oil and gas lease sale in the Gulf of Mexico for the next two years.
At the same time, however, the White House gave the go-ahead to the Willow oil project in Alaska.
The total number of active drilling rigs for oil and gas in the United States fell again this week, according to new data that Baker Hughes published on Friday.
Despite the recent bearishness, investors are still betting heavily on one corner of the market: offshore oil and gas.
The Clarksons Offshore Index is projected to reach all-time high in 2024.
Rig, OSV and Subsea markets are particularly robust, with oil and gas vessel rates now higher than 2014 levels in the majority of sectors/regions.
Oil prices rose on Thursday after an oil tanker was boarded by an armed group in Oman, raising the prospect of escalating conflict in the Middle East.
Editor OilPrice.com
Tue, December 19, 2023 at 7:30 PM GMT·2 min read
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The benchmark U.S. natural gas prices fell by 3% early on Tuesday after the latest models overnight showed that most of the U.S. will see warmer than normal temperatures over the next week.
The U.S. is heading into the New Year as the world’s largest oil producer, according to the latest industry research.
U.S. oil production reached a record 13.2 million barrels per day, significantly increasing exports, especially to Europe and Asia.
End-of-year tax considerations are prompting traders to export more oil to reduce taxable inventory, with exports expected to average 5 million barrels per day.
The integration of WTI Midland in the Brent basket and the European embargo on Russian oil have contributed to the growing popularity of U.S. crude in global markets.