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Oil Prices Running Out Of Reasons To Rally

Green Car Congress

Oil prices faltered at the start of the second week of the year, as fears set in about a rapid rebound in US shale production. Aside from a single week in October, the US oil industry has deployed more rigs in every week dating back to June, a remarkable run that has resulted in more than 200 fresh rigs drilling for oil.

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Bank of America: Oil Demand Growth to Hit Zero Within a Decade, EVs the Culprit

Green Car Congress

I fully anticipate we’re going to keep a lot of pressure on that cobalt production,” Ted Miller, head of energy storage strategy and research at Ford, said at a mining event in South Africa. Slower economic growth would put a dent in oil prices via lower demand, but a lower price itself could keep consumers hooked.

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Opinion: Blaming Rising Fuel Prices on High Temps is Dumb

The Truth About Cars

With average fuel prices creeping back up, you’ve undoubtedly seen a slew of articles trying to explain why. & Over the past week, countless media outlets published stories about how oil refineries have had to scale back production targets to contend with exceedingly high temperatures. Why are per-gallon fuel prices so high?

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IHS: US gasoline demand exceeds 2020 levels for first time; still trails pre-pandemic demand significantly

Green Car Congress

However, demand still trails pre-pandemic levels by a considerable margin, according to the latest data from Oil Price Information Service (OPIS) by IHS Markit. US gasoline same-store sales in gallons for the week ending 20 March 2021 were 10.1% behind prior-year levels the week ending 11 April.

Gasoline 411
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IHS Markit: US oil producers to halt 1.75 MMb/d per day of production; Canada to cut 0.5 MMb/d

Green Car Congress

Due to the collapse in oil prices, IHS Markit expects US producers are in the process of curtailing about 1.75 This resumption of production may accelerate if WTI remains above $30 per barrel—a price that allows operators to cover their operating costs and that reflects improved storage availability.

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Report: California Gasoline No Longer the Most Expensive

The Truth About Cars

Washington has officially managed to surpass California as the state with the highest fuel prices and looks as though it’s on track to compete for that dubious honor indefinitely.& Washington’s fuel pricing isn’t a matter of it being isolated in the middle of the ocean.

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BP Statistical Review finds global oil share down for 12th year in a row, coal share up to highest level since 1969; renewables at 2%

Green Car Congress

The report also highlighted supply disruptions as one of the major energy events of the year. The “Arab Spring” affected oil and gas supplies—most notably the complete, albeit temporary, loss of Libyan supply—while the tragic Fukushima accident in Japan had knock-on effects for nuclear and other energy sources around the world.

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