Ten years ago, the market was fretting, everyone was worried about "peak oil,” and now the focus is on peak demand. Instead of the world on a collision course of fighting over the last drop of oil, now it seems that we have turned the world upside down and now we are seeing predictions that oil demand will peak. The latest peak demand forecast comes from BP, which is predicting that the demand for oil will peak before 2040.
Last Friday marked the first day of the Chinese Lunar New Year, also known as the Spring Festival, China’s most important holiday. The fire rooster struts off-stage, clearing the way for the loyal earth dog.
Gold has extended its losses from Friday after trading flat on Monday. The precious metal was trading around $1,337 at the time of this writing, so it was off nearly $25 or 1.8% from the high of $1,361 reached on Friday.
WTI crude oil prices are gaining on Brent as strong U.S. demand and Canadian pipeline issues tighten U.S. oil supply even further. This comes as OPEC comments suggest that they are still fully committed to keeping production cuts in place until the end of 2018, along with their non-OPEC coconspirators and even suggesting that the deal could go on longer if need be.
Here we go loopty loo, here we go loopty li. Here we go loopty loo, all on a Saturday night. Crude oil prices are getting loopy as a historic turnaround for the major U.S. oil import terminal LOOP, otherwise known as the Louisiana Offshore Oil Port, is getting looped around for now exporting oil. This comes as oil prices looped back around as global oil demand numbers led by record oil imports in India and another reported drop in Cushing, Okla., supplies continue to support prices as global stock prices rebound