With falling demand and increasing supply, the front-month price of the U.S. benchmark crude oil West Texas Intermediate (WTI) fell from a year-to-date high closing price of $63.27 per barrel (b) on January 6 to a year-to-date low of $20.37/b on March 18 (Figure 1), the lowest nominal crude oil price since February 2002. Reserves, production, prices, employment and productivity, distribution, stocks, imports and exports. EIA's free and open data available as API, Excel add-in, bulk files, and widgets. Crude oil has been struggling to rise for weeks, but has yet to trade off either; big resistance via multiple sources stands in the way, but price pattern may resolve soon… Big time oil price hike seen next week Published 2020-11-14 17:44:46 . The daily chart indicates there is plenty of room to the upside with the next target the February 20, 2020 main top at $53.60. The price of a contract to deliver West Texas Intermediate crude oil next month plunged below zero, as traders got caught in flurry to sell their contracts before having to actually receive the oil. Weekly Recap Oil prices were mixed on Friday but posted a fourth straight week of gains ahead of an OPEC+ meeting early next week. Negative prices in commodity markets are very rare, but when they occur they typically indicate high transactions costs and significant infrastructure constraints. However, the data may possibly change in the coming days. TED CORDERO,GMA News. Sales, revenue and prices, power plants, fuel use, stocks, generation, trade, demand & emissions. (UPDATE) Several local oil companies have announced a new round of price reductions on pump products this week to reflect world market prices. The rollback is due to the fuel price movement in the world market. The count shows that 267 rigs sought oil, up three from the previous week, and 83 explored for natural gas, unchanged from the previous week. Tags: Compared with ADUs and other downstream units, inputs to catalytic crackers, associated with gasoline production in a refinery, had the second-largest change on a volume basis from the five-year averages in April and May, averaging 1.6 million b/d and 1.4 million b/d lower, respectively. Crude Oil Price Forecast, Crude Oil (CL) price prediction. Price target in 14 days: 52.102 USD. To estimate global changes in jet fuel consumption, EIA recently began using data from aviation company Cirium that detail each scheduled commercial passenger flight since January 2019, including the type of aircraft flown and its route. Tools to customize searches, view specific data sets, study detailed documentation, and access time-series data. Subscribe to feeds for updates on EIA products including Today in Energy and What's New. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website. On March 13, 2020, the President declared a national emergency in the United States in response to concerns regarding the 2019 novel coronavirus disease (COVID-19) outbreak. Monday marked the first time the price for the WTI futures contract fell below zero since trading began in 1983. FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved. WTI moves 4.19% lower on Friday and 7.89% lower this week. James Hyerczyk. Consumers’ pockets will experience heftier cash relief next week as oil prices are anticipated to be on a substantial rollback of P0.75 to P0.90 per liter for gasoline; and P0.80 to P0.90 per liter for diesel. As of December 28, 2020, residential heating oil prices averaged more than $2.44 per gallon, nearly 2 cents per gallon above last week’s price but almost 64 cents per gallon lower than last year’s price at this time. Crude oil Brent price forecast for next months and years. Oil companies will be implementing a price rollback on petroleum products next week. Maps by energy source and topic, includes forecast maps. Oil price movements remained to be on a seesaw because of unfolding demand rebound on one hand and threats of surging coronavirus infections in various parts of the world on the other. Jan 01, 2021. According to industry players there might be a P0.15 per liter price hike in diesel while an increase of P0.25 per liter in gasoline. Forms EIA uses to collect energy data including descriptions, links to survey instructions, and additional information. Energy-Related Carbon Dioxide Emissions, Energy-Related Carbon Dioxide Emissions at the State Level, 2005-2016, Energy-Related Carbon Dioxide Emissions at the State Level, through 2017, Quarterly Coal Report (QCR)—Third-Quarter 2020, Quarterly Coal Distribution Report (QCDR)—Third-Quarter 2020, Monthly Crude Oil and Natural Gas Production ›, Midwest and Rocky Mountain Transportation Fuels Markets, East Coast and Gulf Coast Transportation Fuels Markets, All petroleum & other liquids data reports, ‹ See all Petroleum & Other Liquids Reports, Oil market volatility is at an all-time high, Organization of the Petroleum Exporting Countries (OPEC) and partner countries, WTI crude oil futures prices fell below zero because of low liquidity and limited available storage, March saw major declines in U.S. demand for petroleum products, consumption in other areas of the country, COVID-19’s impact on global commercial jet fuel demand has been significant and uneven, U.S. refineries respond to record-low demand by decreasing inputs to certain downstream units, catalytic crackers, associated with gasoline production in a refinery. OPEC+ reportedly agrees to keep production at current levels in February. Read full article. Greenhouse gas data, voluntary reporting, electric power plant emissions. Crude oil prices rallied to their highest price levels since Q1 2020 after a major oil producer, Saudi Arabia agreed to curb more of its oil production in a meeting held with other leading oil-producing countries coupled with a recent significant drawdown sighted on U.S. crude oil reserves. Taking all this into account, our forecast for the crude oil price next week would be for it to close the week lower than it opened it. Oil has jumped 26% this month after signs that Covid-19 vaccines are imminent boosted expectations for a swift recovery in energy demand next year. So far this week, WTI crude oil prices have risen 0.8%. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. Crude oil refinery inputs (million barrels per day) more refinery input data ›; Year ago Four-week averages Year ago Week ending 12/27/19 12/25/20 12/18/20 12/11/20 12/27/19 12/25/20 12/18/20 12/11/20; U.S. 16.856 Big time oil price hike seen next week Published 2020-11-14 17:44:46 . Previous day close: 51.80, changed by +0.11, +0.21%. Release date: December 30, 2020  |  Next release date: January 6, 2021, Download data  |  Past Weeks in Petroleum  |  Release schedule Heading into next week, all eyes will be on a January 4 OPEC+ meeting. The retail price and inventory paragraphs, charts, and tables accompanying the feature article have been updated to reflect data from the latest Weekly Petroleum Status Report for the week ending December 25, 2020. The Midwest price increased nearly 3 cents to $2.59 per gallon, the West Coast price increased nearly 2 cents to $3.11 per gallon, the Gulf Coast increased more than 1 cent to $2.39 per gallon, and the East Coast and Rocky Mountain prices each increased nearly 1 cent to $2.66 per gallon and $2.59 per gallon, respectively. The Gulf Coast price decreased less than 1 cent, remaining virtually unchanged at $1.93 per gallon. Reduced economic activity and stay-at-home orders aimed at slowing the spread of COVID-19 led to a sharp decrease in demand for petroleum products. Global oil prices rallied last week, recording their sixth week of gains, on positive hopes that the COVID-19 vaccination rollouts could boost crude demand next year. Brent Oil Price equal to 51.91 Dollars per 1 barrell. 2020-12-23 03:23:00 Crude oil predictions and projections. Next Week, Oil Set To Digest The Results Of OPEC+ Meeting GBP/USD Weekly Price Forecast – British Pound Testing Major Resistance Barrier AUD/USD Weekly Price … You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money. Financial market analysis and financial data for major energy companies. The price is in US Dollar per 1 oil barrell. This is due to the oil price movement in the world market. Prices provided herein may be provided by market makers and not by exchanges. WTI moves 4.19% lower on Friday and 7.89% lower this week. The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. Detailed forecast table. Oil’s latest price moves and today’s key news stories driving crude’s action, as well as developments in the broader energy sector. On Wednesday, the EIA released the inventories report for the previous week. MB file photo. Maps, tools, and resources related to energy disruptions and infrastructure. On this day in 1973 Opec, the oil price cartel, more than doubled the price of oil from $5.12 a barrel to $11.65. Regional energy information including dashboards, maps, data, and analyses. Concerns over demand remain the key issue in the energy markets. MB file photo. The extreme market events of April 20 and April 21 were driven by several factors, including the inability of contract holders to find other market participants to sell the futures contracts. After three consecutive weeks of losses, Brent gained about 23 per cent while WTI crude price increased about 17 per cent. Published July 29, 2020: COVID-19’s impact on global commercial jet fuel demand has been significant and uneven. DIIs drove last week’s rally Oil industry players have estimated a 10 to 25 centavos per liter reduction in the price per liter of diesel and 60 to 80 centavos per liter on gasoline. Oil prices have broken down once again on … Motorists should brace for a more than P1 hike in the pump prices of petroleum products in the coming week, Unioil Petroleum Philippines said Saturday. Uranium fuel, nuclear reactors, generation, spent fuel. Unless they have made other arrangements ahead of time, market participants that hold WTI futures contracts to expiration must take physical delivery of WTI crude oil in Cushing, Oklahoma. For instance, in the United States—the world’s largest jet fuel consumer—average jet fuel product supplied (a proxy for consumption) in June 2020 was 41% of what it had been in June 2019, compared with 86% for gasoline and 88% for diesel fuel, according to the July edition of the U.S. Energy Information Administration’s (EIA) Short-Term Energy Outlook (STEO). In an advisory, oil industry players said the price of gasoline will be slashed by P0.90 per liter, while diesel and kerosene prices will go down by P0.80 a liter. The EIA forecast that Brent crude oil prices will average $43/b in the fourth quarter of 2020 and $49/b in 2021. Oil price forecast for 2021, 2022, 2023 and 2024. KUALA LUMPUR, Dec 5 — The ringgit is expected to continue its upward momentum and trade between 4.0550 and 4.0750 against the US dollar next week on improved appetite for the local currency supported by rising oil prices, said an analyst. As of December 28, 2020, residential heating oil prices averaged more than $2.44 per gallon, nearly 2 cents per gallon above last week’s price but almost 64 cents per gallon lower than last year’s price at this time. Includes hydropower, solar, wind, geothermal, biomass and ethanol.