The economic and political impacts of U.S. output reaching 10 million BOPD are breathtaking; cutting the nation’s oil imports by a fifth, reducing our carbon footprint, providing high-paying jobs in rural communities and lowering consumer prices for domestic gasoline by 37 percent from a 2008 peak. West Texas Intermediate crude is now watched closely worldwide by foreign customers of U.S. gasoline, diesel and crude. WTI crude is $64.06; Brent is $69.53 this morning (via Reuters).
Oil prices rally on tighter fundamentals, while geopolitical risk, an increase of speculative managed money in the market and a significant production surge in the U.S. could raise red flags. WTI Crude is at $64.22; Brent is at $69.68 this morning (via Investing.com).
Mineral rights are generating an incredible amount of wealth for universities across the country. Bloomberg details how this investment is helping to fund the future by bankrolling the educations of the next generation of leaders.
Analysts warned about the risk of a price correction since the start of 2018, but say overall market conditions remain strong. A survey in January conducted by Reuters showed crude price expectations in a range of $60 to $70 per barrel for 2018. WTI Crude is $63.19; Brent is $68.82 this morning (via Reuters).
The U.S. Energy Information Administration said Wednesday that crude inventories fell by almost 5 million barrels in the week of Jan. 5. Despite its forecasts of U.S. production breaking through 10 million barrels oil per day (BOPD), production fell by 290,000 BOPD. WTI crude is $63.66; Brent is $69.21 this morning (via Reuters).
Iranian unrest helped push oil higher, along with declines in the number of U.S. drilling rigs. Analysts predict the EIA will report a fall of 3.5 million barrels in last week’s crude stockpiles, while gasoline inventory rose by 2.3 million barrels. WTI Crude is at $63.59; Brent is $69.32 this morning (via MarketWatch).
Weekly U.S. supply data will be released from the API - American Petroleum Institute later today, followed by the Energy Information Administration report on Wednesday. Analysts predict oil stockpiles fell 3.5 million barrels last week. WTI Crude is $62.11; Brent is $68.07 this morning (via MarketWatch).
Traders say the OPEC vs. shale debate will rage this year as a key price-driving factor. The Middle East turmoil will remain a key focus for oil markets, and has the potential to “send oil prices rocketing higher.” WTI Crude is $61.66; Brent is $67.81 this morning (via Reuters).
Higher oil prices continue to drive increased U.S. shale production. We will likely see another year of the OPEC-shale tug-of-war influencing the price of oil. WTI Crude is $61.38; Brent is $67.40 this morning (via OilPrice.com).
Crude oils jumps to 3 year high as Iran tensions continue with at least 20 deaths coming from anti-governmental protests. Fears that the riots may disrupt crude output from OPEC’s third-largest producer limiting global oil supply and supporting price increases. WTI Crude is $61.78; Brent is $67.85 this morning (via MarketWatch).