Phil Flynn is writer of The Energy Report, a daily market commentary discussing oil, the Middle East, American government, economics, and their effects on the world's energies markets, as well as other commodity markets. Contact Mr. Flynn at (888) 264-5665
Yet while that attitude is prevalent, the reality is that fossil fuels are still going to be seen in the developing world. In the short, the market is still weighing the potential return of Iranian oil.
Gas demand over the weekend will be strong but bad weather across a lot of the nation may keep it constrained.
Triple-A reports that since Monday, the national average for a gallon of regular gasoline has increased by a penny to $3.04. According to new data from the Energy Information Administration (EIA), gas demand increased from 9.22 million b/d to 9.58 million b/d last week. Higher demand will likely contribute to fluctuations in pump prices throughout the holiday weekend, particularly as AAA predicts 34 million Americans will travel by car, an increase of 53% from last year.
At the close of Thursday’s formal trading session, WTI increased by 64 cents to settle at $66.85. After EIA’s weekly report showed that total domestic crude inventories decreased by 1.7 million bbl to 484.3 million bbl, crude prices have increased this week. However, price gains have been limited by market concerns that increasing coronavirus infections around the world could reduce crude consumption this year.
Take a minute the pray for all of the soldiers that gave their lives to defend the best country in the world and democracy around the globe. God Bless Them And Their Families. I thank them for all of their sacrifices and I pray that we will honor them with prayers for peace.