Oil prices climbed above $75 per barrel for the first time since October, driven by robust global demand, production cuts by OPEC and Russia, and potential reductions in Iranian oil exports. While the announcement of a possible national economic emergency declaration by President Trump to impose new tariffs initially led to a pullback from the $75 mark, oil prices remain supported by strong fundamentals. The American Petroleum Institute (API) reported a significant drop in crude oil inventories, coupled with increases in gasoline and distillate supplies. Despite this, concerns about reduced gasoline demand due to an impending snowstorm and the potential impact of rising dollar strength on oil prices persist.
prices surged above $75 for the first time since October based on strong supply and demand fundamentals. Not only are we seeing cold weather demand around the globe but also strong USThis comes as we are seeing signs of strong compliance by OPEC and Its favorite co-conspirator Russia with production cuts and a potential drop in Iranian oil exports as market players are fearing sanction enforcement by the incoming Trump Administration.
Still. President Trump’s quest to reduce energy prices may come with the help of a stronger dollar. In fact, if it weren’t for the dollar oil it would probably be trading at $85 instead of $75. The gasoline crack spread fell apart in part because of the API report but it also concerns that this coming Arctic blast and snowstorm will reduce the demand for gasoline as people get snowed in. Yet theReuters reported that OPEC oil production likely fell in December, based on a survey that suggested the UAE saw the largest decline in output due to field maintenance.
Natural gas after a big surge yesterday pulled back and traders tried to assess the weather forecasts. EBW Analytics says that “the February natural gas contract volatility remains elevated with price moves of at least 24.5¢/MMBtu in each of the past three trading sessions. Yet not so fast. Accu Weather is saying that according to their latest forecasts, February temperatures will stay below normal.Oil Price Is reporting that the state of Alaska is suing the Biden Administration over the federal government’s decision to severely restrict acreage in an upcoming oil and gas lease sale, seen as a violation of a Congress mandate.
Oil Prices OPEC Russia Sanctions Demand Supply
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