The price of oil has climbed slightly this week with West Texas Intermediate (WTI) hitting an intra-week high of $95.17 for October delivery today (Friday).
Despite this week's price hike, WTI prices are still well below the three-year high of $105 a barrel they hit in June.
But even though prices have dropped the last two months doesn’t mean we’re out of the woods. The price of oil could still soar in a hurry…
oil prices today
How Crude Oil Prices Are Driven by the "Uncertainty Factor"
Despite current geopolitical tension, crude oil prices have remained steady.
This dynamic tells us two things. First, traders are discounting the impact of geopolitical tensions in Ukraine, Gaza, and Iraq on overall availability. Second, other hotspots are having an immediate knock-on effect when it comes to crude supply.Although the daily news does not seem to be adversely impacting the price of oil, we're not out of the woods yet. Here's why...
WTI Oil Prices Down This Week, But Headed Much Higher Long-Term
WTI oil prices were down this morning (Wednesday) to a low of $97.06 for September contracts, after the Energy Information Administration (EIA) reduced its 2014 price forecast yesterday.
Citing increased oil production in the United States, the EIA dropped its 2014 forecast for WTI oil prices to $100.45 per barrel. In July, the EIA had projected a price of $100.98 per barrel.
But according to Money Morning's Global Energy Strategist Dr. Kent Moors, oil prices will be heading much higher in the long-term.Even if the short-term outlook on oil prices remains favorable…
Crude Oil Prices Are Headed Higher Thanks to These Two Global Events
Two events this week indicate the situation in two global hotspots is getting worse, and both will have a significant impact on crude oil prices.
First, the Islamic State, the terrorist group formerly known as the Islamic State of Iraq and the Levant, attacked the Mosul Dam. Second, the mayor of Kiev in Ukraine turned off the hot water.Neither is a good sign, and each promises to shake up oil prices…
Crude Oil Prices Could Hit $200 “In a Heartbeat”
WTI crude oil prices settled back down below $100 per barrel this week, but according to Money Morning's Global Energy Strategist Dr. Kent Moors, oil prices may not stay that low for very long.In fact, he sees a potential scenario where crude oil prices double from where they are right now…
Crude Oil Prices Down Today, but Will Stay Inflated on International Tensions
WTI crude oil prices for September delivery were down $1 today (Tuesday) to $100.67 per barrel, while Brent crude dropped $0.17 to $107.39 per barrel, despite the fact that geopolitical tensions in the Middle East and Russia remain.
Oil prices hit two-week highs last week as tensions in the Ukraine and the Middle East intensified.While WTI crude oil prices are down from their 52-week high $106.64 from June (as the Iraq crisis escalated) the humanitarian and political crises taking place throughout the Middle East and Russia will continue to have an impact on oil prices moving forward…
Geopolitical Tensions Will Keep Driving Crude Oil Prices
A bevy of geopolitical issues sent WTI (West Texas Intermediate) crude oil prices higher late Thursday, with prices peaking at $103.94 per barrel for August delivery just before 7:00 p.m. Today, crude oil prices have settled back down below $103 per barrel this morning.
Crude oil prices may be back down today, but they're still up nearly 15% from their $89.74 low in January.According to Money Morning’s Global Energy Strategist Dr. Kent Moors, here’s where they’re headed now…
Why Crude Oil Prices Are Down Today – But Won't Stay There
Crude oil futures ticked a tad lower Thursday as investors digested the supply and export outlook in Iraq, as well as demand prospects from the United States - but the dips are likely temporary.
As Money Morning Global Energy Strategist Dr. Kent Moors recently explained, prices further out on the futures curve are rising much more quickly than anticipated as worries mount over global supply and demand.Here’s what’s weighing crude oil prices down today… at least for now.
Crude Oil Prices Today Soar on Iraq and OPEC
Crude oil prices spiked $2.13 to $106.53 Thursday morning, putting the commodity at levels not seen since September 2013.
Brent crude, meanwhile, rose as much as 2.2% to $112.34Here's the major news moving these prices higher today – and for continuing weeks...
Iran's "Oil Show" Just Revealed a Huge Opportunity
Let's face it: Iran isn't at the top of anyone's list when considering all the profit opportunities out there in the world. At least, not yet...
You see, Iran is changing - and quickly.
Its new political regime at least appears to be increasingly open to the West.
Its old-style buyback contracts with international oil companies have long been considered high-risk with little or no flexibility; they essentially allowed Iran to own the oil company assets and allow the company a stream of profit.
But the isolated nation recently announced the introduction of a new generation of oil contract, one that promises to be considerably friendlier to foreign partners.Full Story...
We Struck Oil… Lots of Oil
In December 2013, I let our readers in on a way to invest directly in a new oil and gas drilling venture.
In the time since, I've been spending a great deal of time at the drilling site in South Texas, keeping an eye on the progress.Now, there's news to report. Great news... It's a gusher!
How to Profit When Oil and Gas Stocks Hit the Bargain Rack
Over the past week, oil and gas stocks have been quite volatile. But that's not bad news - not by a long shot.
In fact, this is always the time when energy investors should be on the hunt for bargains.And there's one approach that works especially well in this situation...
Why the Oil Price "Spread" Is Getting Tighter
The oil price spread between West Texas Intermediate and Brent is tightening again.
As of this morning, this spread stood at 7.2% of the WTI rate (the more accurate way to register its impact in the U.S. market).
And as this oil price spread continues to narrow, it promises to create some direct consequences for energy investors.Here's what's behind it, and what investors need to know moving forward...
Gas Prices Are Heading Up (and the Sector That Will Benefit)
The price of gasoline in the U.S. is on the rise again.
Futures prices for RBOB ("Reformulated Blendstock for Oxygenate Blending"), the NYMEX futures contract for gasoline, are up over 11% for the year, and a full 6.6% of that increase has come in the past month.
In fact, gas is up 2.4% over the past week alone. Today, the average retail price is 4 cents higher per gallon than a year ago.
And you can bet that as we move into the "official" start of the summer driving season, the worst is yet to come. Prices will be headed even higher.
So with all the hoopla surrounding our newfound oil wealth and our legitimate move to become energy self-sufficient in as little as a decade, why are gas prices still climbing?Let me explain...
Pump Prices Are Rising Quickly: Counterattack Now
Since the early 1970s, most major oil deals have been transacted in "petrodollars."
But that system has become increasingly challenged in recent years.
The conflict in Ukraine right now has only served to exacerbate things.
As America leads the charge to impose Western sanctions on Russia, it's a plan that's not only backfiring, but leading to opportunities for those who understand the consequences...Full Story...
The Eagle Ford Shale Will Boost These Oil Stock Prices in 2014
The Eagle Ford shale formation in Southern Texas is experiencing an unprecedented oil boom. With a daily output of more than 1.36 million barrels, it's the largest oil formation in the U.S.
It's helping make the U.S. the world's top oil producer and making oil companies even richer in the process.For investors, that production will have a profound impact on these three oil stock prices in 2014...