Heating Oil News

Will lifting the ban on exporting U.S. crude oil lead to an increase oil prices?

The export ban on oil was enacted in 1975 in response to the oil embargo by Arab OPEC nations against the U.S. However, US oil production has doubled over the last six years, which has helped reduce its reliance on imported foreign oil. How would lifting the ban impact oil prices for US buyers and […]

By |October 18th, 2015|Categories: Heating Oil News|Tags: |

Oil Price Update – October 9, 2015

This week we finally saw an expected situation on the markets: prices of oil started to recover, and it seems that growth is steady and promising (for investors, of course). The exact trigger event is still unknown, but many address it to old news of Fed postponing the interest rate rise. Despite it happened several […]

By |October 9th, 2015|Categories: Heating Oil News|

Can oil price shrink to $20/barrel?

Could oil price really go down to $20/barrel? Depends on who you ask.

“The risk of $20 is driven by what we call a breach in storage capacity, meaning that you have supply above demand, you fill every storage tank on planet earth and then you have nowhere to put it,” Jeff Currie, head of […]

By |October 6th, 2015|Categories: Heating Oil News|

How Far Is Peak Oil Day?

As we know oil is not a renewable source of energy, though there are ways of getting a continuous flow of renewable, synthetic oil, such as biofuels and biocrude. Yet those may depend on other limited resources such as arable land or waste oil output. In this sense, the term peak oil is used to […]

By |October 1st, 2015|Categories: Heating Oil News|

Oil rig count down for the second week in a row

US oil rig count tumbled again this week, down by 10 from last week to 652 according to Baker Hughes report on Friday.

Last week oil rig count fell by 13 – the biggest drop since June. This is the second week oil rig count is dropping, proceeded by 6 weeks of additions.

Combined […]

By |September 12th, 2015|Categories: Heating Oil News|

Oil Price Update

During the first week of September, oil prices fluctuated between $45 and $50 a barrel. On September 4th prices of oil fell on most of the Asian markets, due to lower volume of trading, as traders and brokers are awaiting the Fed’s report on employment trends, which would determine the date when the Fed is set […]

By |September 4th, 2015|Categories: Heating Oil News|

This Week in Oil News

During the last week of August oil prices recovered sharply, but it did not last long. This growth came as a result from the August 24th stock crash. Following China’s decision to cut interest rates of the yuan, a certain dose of panic started to hover stock exchanges first in Asia, and later the same […]

By |September 1st, 2015|Categories: Heating Oil News|

Oil prices rise for second day in a row

Thursday is seeing a significant increase in oil prices.

West Texas Intermediate crude oil was the big winner, rising more than 7.5% to as high as $41.83/ barrel.

Earlier this week, WTI tipped below $38 a barrel, a new post-financial-crisis low.

This week, we saw crude-oil inventories decrease in data releases from the American Petroleum Institute and Energy […]

By |August 27th, 2015|Categories: Heating Oil News|

Oil rig count up for the 5th straight week

Baker Hughes announced on Friday that oil rig count increased for the 5th week in a row, up by 2. The total number of active oil rigs in the US is now 674. Last week oil rigs climbed, also by 2. Shortly after the announcement, West Texas Intermediate crude fell below $40 per barrel for the first […]

By |August 21st, 2015|Categories: Heating Oil News|

Current Events Impacting Oil Prices in the United States

The year 2015 has been pretty big when it comes to the oil market. During this time, we witnessed the prices of oil being slashed in half in merely six months. At the moment oil prices are unsustainably low and over the long-term, if prices continue to stay this low, many oil companies may be […]

By |August 21st, 2015|Categories: Heating Oil News|