Clipper Oil: Latest Fuel News - What to Expect From Oil Prices Heading Into 2022

Latest Fuel News

December 2021

What to Expect From Oil Prices Heading Into 2022

Path Trading Partners Co-Founder and Chief Market Strategist Bob Iaccino joins Yahoo Finance Live to discuss the outlook for oil going into 2022 and the various factors affecting prices.

ZACK GUZMAN: Well, in the pandemic, we have seen oil prices fluctuate pretty wildly. And the latest move has been higher, rebounding off of the fears of omicron, once again, leading to more shutdowns. Indeed, it has led to some canceled flights in the holiday. But oil today shaking off the remnants of those with WTI up by about a half a percent right now in the session north of $75 a barrel. And for more on the moves, we are expecting to continue to play. I want to welcome back Bob Iaccino, Path Trading Partners, Co-founder and Chief Market Strategist in the Stock Think Tank portfolio manager here with us. Continue reading here (Source: Yahoo Finance).

The Energy Year In Review: A Year Of Predictable Surprises

With the year 2021 now taking its final steps into the dustbin of history, it’s time to look back on what was a year of transition, one filled with surprises, many of which were in fact quite predictable.

As 2021 dawned 12 months ago, those who make up the climate alarm lobby were excited, for good reason. They had just helped to elect a new, Democrat president, one who had made all manner of promises to affect transformational change in the energy space. Even more importantly, he had promised to enact a vast array of new and expanded subsidies for wind, solar and electric vehicles, involving hundreds of billions of dollars in new federal rents for these preferred industries and their activists to seek. If Joe Biden had his way, 2021 would become the year in which upwards of $1 trillion in new spending to fund the Democratic Party’s Green New Deal would come out of congress, and he would come to be considered the Franklin Roosevelt of climate change spending. Continue reading here (Source: Forbes).

US Gasoline Prices Haven't Peaked Just Yet

U.S. gas prices could rise to almost $3.80 per gallon before peaking, according to new data from GasBuddy reported exclusively by CNN.

According to the forecast data, the national average would rise to $3.41 per gallon in 2022, up from this year's average of $3.02 per gallon. The peak could come in May 2022, at $3.79 per gallon.

That's considerably higher than what the federal government projects for prices at the pump. Earlier this month, the Energy Information Administration forecast in its Short-Term Energy Outlook that the average retail price for gasoline next year would fall to $2.88 from $3.00 this year. Continue reading here (Source: OilPrice).

Oil Settles Higher Despite Omicron Concerns

Oil prices settled higher on Tuesday, with Brent crude ending the session near $80 a barrel despite the rapid spread of the Omicron coronavirus variant, supported by supply outages and expectations that U.S. inventories fell last week.

Brent crude settled up 34 cents, or 0.4%, at $78.94 a barrel by 1:39 p.m. EST (1839 GMT). U.S. West Texas Intermediate (WTI) crude settled up 41 cents, or 0.5%, at $75.98.

Both contracts traded at their highest levels in a month, aided by strength in U.S. equities. Continue reading here (Source: Reuters).

US Natural Gas Rise As Colder Weather Rushes In

U.S. natural gas futures rose this week as colder weather with snow came into parts of the country.

Although substantially lower than Asian or European gas prices, U.S. January futures for natural gas rose by 1.7 percent earlier today, to $4.127 per million British thermal units, according to Bloomberg. A day earlier, the contract gained 8.8 percent in the steepest one-day rise since October, again because of the weather forecast.

The Wall Street Journal recalls the Monday jump in prices followed four weeks of declines. According to the Weather Prediction Center, the winter will bring heavy snowfall, freezing temperatures, and strong winds to the northern and western parts of the United States. Continue reading here (Source: OilPrice).

The US Exported Slightly More Petroleum Than It Imported in the First Half of 2021

Our Petroleum Supply Monthly trade data show that the United States exported more crude oil and petroleum products than it imported during the first half of 2021 by 120,000 barrels per day (b/d), or less than 1% of combined crude oil and petroleum product exports and imports.

The United States was a net importer of crude oil and petroleum products (imported more than it exported) in the first of half of each year until the first half of 2020, when the United States became a net exporter (exported more than it imported) by 432,000 b/d of crude oil and petroleum products. This year marks only the second time the United States has been a net total petroleum exporter in the first half of the year. The United States has been a net exporter of petroleum products alone since 2011. Continue reading here (Source: US Energy Information Administration).