Fuel Flash – October 2021

Although Hurricane Ida made landfall August 29th, it continued to wreak havoc into September as it moved up the east coast smashing the northeast. Well into the month, Louisiana suffered with power outages from the category 4 hurricane which caused long haul deliveries due to local refineries and terminals being offline. Oil began September at just over $68/barrel and ended the month just over $75/barrel, roughly a 10% increase. The following graph shows the daily price movements over the past

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Fuel Flash – September 2021

Oil started August above $70/barrel but fell below the mark just a few days into the month.  By the 9th of the month, oil fell by 4% to its lowest point since May, mainly due to China’s surge in COVID cases from the Delta variant, imports being down, and a strong US dollar.  The following graph shows the daily price movements over the past three months: Oil prices tried to rally over the next week, but it was short lived

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Fuel Flash – August 2021

Oil prices continued to rise through the beginning of July as average gasoline prices climbed to 7-year highs.  The theme of the month was “What would OPEC+ do?” to either further the price increases or help pull them back, as demand continues to grow, and supply gets tighter.  The following graph shows the daily price movements over the past three months: After the first week of July where oil hit $75/barrel, prices began to fall as OPEC+ canceled their initial

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Fuel Flash – July 2021

Oil prices have been on a steady climb since the end of May.  June saw even larger increases as oil hit a two year high to start the month.  Fuel prices should continue to rise as we are now into summer and analysts expect demand to get back to 2019 levels and possibly even surpass those levels.  The following graph shows the daily price movements over the past three months: June was relatively quiet for news headlines, especially compared to

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Fuel Flash – June 2021

May was a busy month, the major headline being the Colonial Pipeline outage.  Compared to April, the overall price of oil was much higher in May, and prices should continue to trend upwards as we head into June and the summer driving season takes off.  The following graph shows the daily price movements over the past three months: May started the month with positive news as the US, Europe, and China loosened their travel restrictions.  The reopening of these countries

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Fuel Flash – May 2021

Oil prices started April flat, but gained some steam mid-April and reached a high of $65 per barrel near the end of the month before cooling off slightly.  Compared to March, the overall price of oil was slightly lower for April, but prices are trending upwards as we head into May.  The following graph shows the daily price movements over the past three months: During March, oil prices were on a roller coaster soaring as high as $66 per barrel

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Fuel Flash – April 2021

Following a rapid climb in February, oil prices lost their momentum in March.  Despite some volatility during March, prices ended the month at just over $59 per barrel which was about a dollar lower than where the month started. The following graph shows the daily price movements over the past three months: Oil prices had increased significantly during February primarily due to the continued roll out of COVID vaccines and a decline in the rate of new cases.  As March

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Fuel Flash – March 2021

Oil prices soared 18% higher in February, starting the month near $54 per barrel and ending just under $62.  Prices have increased almost 30% since the start of the year and are almost 40% higher compared to the same time last year. The following graph shows the daily price movements over the past three months: Following a flat trend in January, oil prices rose quickly in February as COVID vaccines continued to roll out and the number of new cases

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Fuel Flash – February 2021

As the new year began, oil prices quickly leaped from the high-$40’s per barrel to just over $52.  For the remainder of January, prices remained at that level as they traded within a narrow range. The following graph shows the daily price movements over the past three months: The jump in oil prices at the start of January continued to be driven by optimism related to the distribution of several COVID vaccines.  Oil and fuel prices have increased in anticipation

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Fuel Flash – January 2021

Oil prices continued to increase throughout December and gained another 7% following a sharp increase during November.  Prices ended the year near $50/barrel but remain about 20% lower from where they started the year.  The following graph shows the daily price movements over the past three months: The continued rise in prices during December was primarily driven by optimism as the distribution of several COVID vaccines began.  While only a small fraction of vaccinations had been completed by the end

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