Quarterly Energy Comment

Quarterly Energy Comment (April 11, 2017)

by Bill O’Grady The Market Since December, oil prices have been ranging between $48 and $55 per barrel. Prices and Inventories Inventory levels remain elevated, reaching historic highs. In the above charts, the one on the left shows the long-term inventory situation, while the chart on the right shows a 12-year history.  Normal inventories would… Read More »

Quarterly Energy Comment (December 30, 2016)

by Bill O’Grady The Market Oil prices have broken above their $44 to $52 per barrel trading range in the wake of the recent OPEC output agreement. OPEC In a reversal of recent policy, Saudi Arabia spearheaded an agreement to cut oil production.  OPEC has agreed to cut production by about 1.3 mbpd and select… Read More »

Quarterly Energy Comment (May 10, 2016)

by Bill O’Grady The Market Oil prices have rallied since mid-February and are now back into the price range established last autumn. Oil Prices and Inventories Inventory levels remain elevated but should begin their seasonal decline later this month.  In fact, working commercial storage hit an all-time high in April, exceeding the levels reached during… Read More »

Quarterly Energy Comment (March 24, 2016)

by Bill O’Grady The Market Oil prices have fallen steadily over the past year, reaching a new low early in the first quarter just below $30 per barrel.  Since mid-February, they have staged an impressive recovery. Oil Prices and Inventories This rally has occurred despite historic levels of U.S. commercial crude oil inventories.  The chart… Read More »

Quarterly Energy Comment (November 18, 2015)

by Bill O’Grady The Market Over the past year, oil prices fell sharply into the first quarter, remained rangebound from January through March, rallied above $60 per barrel in the spring and early summer, and then slid to new lows in August.  Since the August lows, prices have been in a range between the high… Read More »

Quarterly Energy Comment (September 3, 2015)

by Bill O’Grady The Market Over the past year, oil prices fell sharply into the first quarter, remained rangebound from January through March, rallied above $60 per barrel in the spring and early summer, and then slid to new lows in August.  Recently, we have seen a sharp bounce in prices; in fact, it is… Read More »

Quarterly Energy Comment (May 6, 2015)

by Bill O’Grady The Market After a precipitous decline from June 2014 to late January, oil prices have been forming a base over the past few months. As the chart below indicates, oil prices have mostly been trading between $45 and $55 per barrel this year. The recent rise above $60 per barrel is raising… Read More »