oil prices

Low oil prices are here to stay, says BP

One of the world’s biggest oil companies BP announced on Tuesday a second-quarter replacement cost loss of $6.3 billion. Oil prices have fallen significantly in the past year, and on Monday crude oil futures hit a four-month low, proving that the rout is far from over.

“In the past […]

By |July 28th, 2015|Categories: Video|Tags: , |

Will oil prices fall even more?

By |July 21st, 2015|Categories: Video|Tags: |

Is oil cheaper today than back in the 1800s?

BP released its annual report on energy consumption, including a chart that shows oil prices since 1861. The effective cost of oil increased in the 1860s as well as the 1970s, correlating with major events such as the Pennsylvania oil boom and the oil embargo of 1973. Price drops closely correspond to new sources of […]

By |June 12th, 2015|Categories: Heating Oil Prices|Tags: , |

OPEC decides to keep output production level unchanged

As expected, OPEC has decided to keep output production level unchanged at 30 million barrels a day for the next 6 months, Saudi Arabia’s Oil Minister Ali al-Naimi announced on Friday following OPEC’s meeting in Vienna. The high output would most likely continue to hinder chances of oil price increase as oversupply looms. OPEC’s next […]

By |June 5th, 2015|Categories: Heating Oil News|Tags: , |

OPEC announces oil production levels will remain unchanged

The Organization of Petroleum Exporting Countries (OPEC) has decided to maintain its production levels for at least another six months, Saudi Arabia’s Oil Minister Ali al-Naimi told reporters Friday, June 5.

By |June 5th, 2015|Categories: Video|Tags: , , , |

Upcoming OPEC report to drive oil prices higher, follow with decline

Source: Bloomberg Energy

OPEC is likely to keep its output target unchanged when it meets on Friday, June 5 because the global oil market appears to be in good shape and prices are expected to firm up from current levels, a senior Gulf OPEC delegate told Reuters.

By |June 1st, 2015|Categories: Video|Tags: |

EIA weekly oil inventory report – May 20,2015

EIA just released its weekly oil inventory report for the week ending on May 15, 2015.  You can view the full report here. Crude oil prices increased for 9 consecutive weeks, followed by a slight decline on Tuesday, May 19. Prices are picking up today, Wednesday.

Here are the EIA report highlights:

  1. U.S. commercial crude oil inventories […]
By |May 20th, 2015|Categories: Heating Oil News, Heating Oil Prices|Tags: , |