Oil & Gas

Why Oil is Set to Plunge to $30

 |  Wednesday, 22 February 2017 10:43  |  Published in Oil & Gas
Why Oil is Set to Plunge to $30
(Houston) Oil prices have been stuck in a tight band for some time. Ever since the announcement of an OPEC deal to cut production, oil has been hovering between $50 and $60 per barrel. However, that may be set to change as this article says crude could fall to $30. The reason prices could fall is that the current OPEC cut deal may not be renewed. The agreement was only to cut oil for the first half of the 2017, so what happens in July remains to be seen. The big oil price gains producers were hoping for have not…

OPEC Agrees to Output Cut

 |  Thursday, 29 September 2016 06:12  |  Published in Oil & Gas
OPEC Agrees to Output Cut
(Riyadh) Yesterday OPEC agreed to the outline of a deal which would cut the cartel’s production for the first time in eight years. The move surprised traders who expected that the current free-for-all policy would remain in place. Oil surged more than 5% on the news, and it brightened the prospects for all across the oil industry, including US shale. However, the market (and our readers), should not get too excited as there are still a number of hurdles. Firstly, Saudi Arabia had to make a huge concession on this agreement by agreeing that Iran did not have to abide…

Gasoline Prices Hit Six Year Low

 |  Tuesday, 20 October 2015 00:00  |  Published in Oil & Gas
Gasoline Prices Hit Six Year Low
(Houston) The glut that has hit crude oil has continued on into the refined products space with full force. Just as oversupply brought oil prices down, the same in happening in gasoline, and prices for the fuel have just hit a six year low in the United States. Gasoline futures slid 5.8% yesterday to $1.2514 per gallon, their lowest level since March of 2009. Unsurprisingly, prices at the pump are low too, and the nationwide average is now just $2.26 per gallon, with some saying it will fall below $2 this winter. The fall is occurring as demand for gasoline…

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