Energy, Crude Oil/Natural Gas Upstream Operations, Oil Exploration, Crude Petroleum Extraction, Natural Gas/Oil Exploration, Natural Gas/Oil Extraction, Fossil Fuels, Oil Sands/Shale, Commodity Markets

Energy, Crude Oil/Natural Gas Upstream Operations

How the Oil Market Bounced Back From a Year of Crisis

Oil prices have staged a rapid recovery since the biggest crisis to strike the energy industry in decades. Here is why crude has roared back above $60 a barrel.

3/3/2021 1:45:00 PM

Oil prices have staged a rapid recovery since the biggest crisis to strike the energy industry in decades. Here is why crude has roared back above $60 a barrel.

Oil prices have staged a rapid recovery since the biggest crisis to strike the energy industry in decades. Here is why U.S. crude prices have roared back above $60 a barrel from a low of minus $37.63 a barrel last April.

March 3, 2021 4:40 am ETOil prices have staged a rapid recovery since the biggest crisis to strike the energy industry in decades.The Organization of the Petroleum Exporting Countries and its allies stepped in last spring to backstop the market by slashing production in the teeth of a collapse in crude prices. This week, the cartel is expected to reach a deal on unwinding some of those cuts.

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Here is why U.S. crude prices have roared back above $60 a barrel from a low of minus $37.63 a barrel last April.Investors Take a Back SeatTraders and analysts say supply and demand, rather than speculation, have underpinned the rally so far. The ratio of positions held by money managers in WTI futures and options contracts who expect oil prices to rise, versus those who expect them to fall, is below levels seen during the last big run-up in oil prices in 2018. That suggests investors aren’t in the driving seat.

Read more: The Wall Street Journal »

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Simple. Everything bounces back 🤦🏻‍♂️ This photo appears to show Persian Gulf Oil Tankers complying with and adhering to the SOCIAL DISTANCE measures required to stave off COVID-19 !? LOL Thanks to Bidens America last in oil policy he is shutting down the US oil production. $4 to 5 a gallon gas coming soon. It was below 2 thanks to Trump

Celebrating higher gas prices, good job Joe Because its rigged