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.
Thanks to additional new U.S. pipeline capacity and the growing volume of oil product exports from American refineries, the glut of excess storage at Cushing, Okla., is shrinking.
Late Friday afternoon, the Keystone XL crude oil pipeline cleared one of its biggest hurdles.
In its Final Environmental Impact Statement, the U.S. Department of State concluded that completing the pipeline’s northern leg would not have a major impact on global greenhouse gas emissions.
Last Wednesday afternoon, after much gnashing of teeth, the Fed finally revealed its long-awaited quantitative easing (QE) taper plans…
And the Dow jumped by almost 300 points.
Oil prices slipped below $93 a barrel Tuesday, continuing a downward trend that started early last month.
Last week, oil prices fell 0.76%, logging a sixth weekly decline, the longest string of losses since 1998. Volume also slid, with futures roughly 41% below the 100-day average.
There is something very interesting developing in the oil markets right now.
It’s not front page news yet, but it is something that you’ll want to keep an eye on – especially if you want to make money with oil stocks.
It revolves around what’s called “the spread.” In this case it’s the difference in price between West Texas Intermediate (WTI) and Brent.
That Ecuador’s President Rafael Correa proposes extracting primary materials to pay for his ambitious policies should come as no surprise.
China has surpassed the U.S. as the No. 1 importer of oil, and current indications are that Chinese oil demand will average 1.9% higher annually through 2035.
Back in the times of the California gold rush, people didn’t need to work out how to invest in the bonanza. They simply grabbed some basic mining gear and headed up into the hills.
This is a syndicated repost published with the permission of Money Morning. To view original, click here. Opinions herein are not those of the Wall Street…
