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U.S. Blacklists More Chinese Firms

By: Dalton Ordway / Posted on: January 15, 2021

As President Trump’s term comes to an end, the administration continues to tighten restrictions on Chinese companies as the U.S. Department of Commerce blacklisted CNOOC (China National Offshore Oil Corporation) on Thursday. CNOOC was blacklisted for helping China intimidate neighbors in the South China Sea which threatened U.S. national security. The Department of Commerce stated, “CNOOC has repeatedly harassed and threatened offshore oil and gas exploration and extraction in the South China Sea, with the goal of driving up the political risk for interested foreign partners, including Vietnam.” The Commerce Secretary Wilbur Ross also said, “CNOOC acts as a bully for the People’s Liberation Army to intimidate China’s neighbors, and the Chinese military continues to benefit from government civil-military fusion policies for malign purposes”. The South China Sea has been a lasting point of contention due to the oil contained in that area.

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OPEC+ Alterations Amidst Additional Oversupply

By: Ryan Wolfe / Posted on: November 10, 2020

For the 2021 calendar year, there will be 5.8 million barrels per day crude production cuts. These cuts are an effort to balance the current oversupply due to COVID-19 with an estimated demand forecast for the year.

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California Votes Tallied on Prop 22

By: Jerome Lewis / Posted on: November 4, 2020

As the votes roll in for the presidential election, another important vote took place yesterday. In California, residents voted on Prop 22. According to Business Insider, “Proposition 22 is a November ballot measure that aims to exempt ride-sharing and food-delivery firms from AB5, a California gig worker law that forces Uber and Lyft to classify their drivers as employees.” After an enormous effort by “Gig Firms” to prevent AB5 from impacting their workforce the votes are in. According to Transportation Topics, “Uber, Lyft and other app-based ride-hailing and delivery services spent $200 million in a winning bet to circumvent California lawmakers and the courts to preserve their business model by keeping drivers from becoming employees eligible for benefits and job protections. The titans of the so-called gig economy bankrolled the most expensive ballot measure in state history, which was decided Nov. 3 with 58% of more than 11 million voters choosing to keep drivers classified as independent contractors able to set their own hours.” This landmark decision has enabled these companies to remain in California without having to re-label their drivers as employees.

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Bevy of Bullish News Sends Oil Prices Higher

By: Mike Dombroski / Posted on: October 5, 2020

The oil complex is trading much higher this morning due to a flurry of bullish headlines: increased chances of a federal stimulus package, weaker dollar, oil strikes in Norway, and the development of Tropical Storm Delta.

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A2A Is Underway

By: Matt Reese / Posted on: September 29, 2020

President Trump announced last week that he will be issuing a Presidential Permit for a freight railway project that will run from Alberta, Canada to Alaska, called A2A Railway. The project will cost $22 billion and will transport a variety of commodities such as oil and iron ore, as well as other container goods. The rail line will run close to 1,600 miles (2,570 kilometers) from Anchorage, Alaska through Yukon and Northwest Territories into northern Alberta.

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Guttman Energy Daily Market Update Disclaimer – The information contained in this market update is derived from sources believed to be reliable; however this update could include technical inaccuracies or typographical errors and Guttman Energy does not guarantee the accuracy, completeness or reliability of this update. FURTHERMORE, THIS UPDATE IS PROVIDED "AS IS," WHERE IS, WITH ALL FAULTS AND WITHOUT ANY WARRANTY OR CONDITION OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY. GUTTMAN ENERGY ALSO SPECIFICALLY DISCLAIMS ALL EXPRESS AND IMPLIED WARRANTIES. YOU USE THIS UPDATE AT YOUR SOLE RISK. This update and any view or comment expressed herein are provided for informational purposes only and should not be interpreted in any way as recommendation or inducement to buy or sell products, commodity futures or options contracts.

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