Peak Oil Review 8 July 2019
By Tom Whipple, Steve Andrews, Peak-Oil.org
Concerns about the weakening global economy and oil demand growth trumped Middle Eastern tensions and the OPEC+ rollover of the production cuts into 2020, sending oil prices lower for most of last week.
Peak Oil Review: 1 July 2019
By Tom Whipple, Steve Andrews, Peak-Oil.org
After a week of rampant speculation about what could happen at the G20 summit that would affect oil prices, the announcement on Saturday that the US and China have agreed to keep the current tariffs in place for now and would resume trade negotiations left the situation about where it has been for months.
Peak Oil Review: 24 June 2019
By Tom Whipple, Steve Andrews, Peak-Oil.org
Until last Thursday, the oil markets largely ignored the increasing tensions between the US and Iran, including the attacks on six oil tankers near the Strait of Hormuz. Then Iran downed an unmanned US surveillance drone, and oil prices soared on the possibility that a war which could potentially halt the 18 million b/d of oil exports was imminent. After a day of vacillation, Washington backed off a retaliatory attack on Iran, allowing the situation to cool.
Peak Oil Review: 17 June 2019
By Tom Whipple, Steve Andrews, Peak-Oil.org
Brent futures dropped steadily for the first three days last week, falling to a low below $60 on Wednesday before the attack on two oil tankers just south of the Straits of Hormuz. Prices then rebounded to close the week at $62.01.
Peak Oil Review: 10 June 2019
By Tom Whipple, Steve Andrews, Peak-Oil.org
US oil prices sank into bear market territory on Wednesday, falling more than 20 percent below the April peak. Traders were concerned that a 6.8-million-barrel build in US crude stocks indicated lower prices ahead.
Peak Oil Review: 27 May 2019
By Tom Whipple, Steve Andrews, Peak-Oil.org
Oil prices plunged on Friday with New York futures falling about $5 a barrel. Precipitating the fall were concerns that there is no end in sight to the US-China trade war and that the global economy could slow by enough to affect oil demand.
Peak Oil Review: 6 May 2019
By Tom Whipple, Steve Andrews, Peak-Oil.org
After climbing more than $20 a barrel from $52 in late December to nearly $75 on April 23rd, prices have fallen back so that Brent closed at $70.85 on Friday.
Peak Oil Review: 29 April 2019
By Tom Whipple, Steve Andrews, Peak-Oil.org
Last week began with oil prices continuing to climb on concerns that tightening sanctions on Iran would cut oil supplies. Brent crude touched $75 for a short time after Moscow announced that it was halting some crude shipments to Europe due to contaminated pipelines.