Brent crude oil prices fell to below $60 a barrel on Tuesday, the lowest since May, amid investor optimism over progressing peace talks between Russia and Ukraine, and a wave of oversupply hitting global oil markets. https://t.co/rlUpn8oBJ5 (Photos: David McNew via Getty Images) https://t.co/jJjUbOUqff ...

HAPPEN. BLOOMBERG INTELLIGENCE SENIOR COMMODITIES STRATEGIST LIVE FROM MIAMI. MIKE, YOU SAID IT WOULD GO DOWN TO MAYBE 40 AS A MATTER OF FACT.I WONDER IF YOU CAN REMIND US OF THE TRENDS WE ARE SEEING. THIS IS SUPPOSED BE WINTER SEASON, ISN'T OIL SUPPOSED TO BE MORE EXPENSIVE. MIKE: IT IS NICE TO GET A FEW RIGHT.IF YOU WANT TO TALK ABOUT THE WINTER SEASON, NATURAL GAS HAS COLLAPSED. LET'S GO OVER WITH WHAT YOU STARTED WITH, CRUDE OIL. $55 A BARREL, NEW LOW FOR THE YEAR TODAY.IT IS MORE LIKELY TO BE MORE TOWA ...

HAPPEN. BLOOMBERG INTELLIGENCE SENIOR COMMODITIES STRATEGIST LIVE FROM MIAMI. MIKE, YOU SAID IT WOULD GO DOWN TO MAYBE 40 AS A MATTER OF FACT.I WONDER IF YOU CAN REMIND US OF THE TRENDS WE ARE SEEING. THIS IS SUPPOSED BE WINTER SEASON, ISN'T OIL SUPPOSED TO BE MORE EXPENSIVE. MIKE: IT IS NICE TO GET A FEW RIGHT.IF YOU WANT TO TALK ABOUT THE WINTER SEASON, NATURAL GAS HAS COLLAPSED. LET'S GO OVER WITH WHAT YOU STARTED WITH, CRUDE OIL. $55 A BARREL, NEW LOW FOR THE YEAR TODAY.IT IS MORE LIKELY TO BE MORE TOWA ...

The Middle East’s Dubai oil benchmark is showing signs of worsening oversupply, adding to a slew of indicators pointing to a global glut https://t.co/gX2nJQGzP8 ...

A corner of the US crude market closely watched by physical traders is signaling oversupply in the latest indication that a global glut has reached domestic shores https://t.co/YrKTILzIDG ...

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The national average price of gasoline has continued on a downward trend after dropping below $3 a gallon a week ago, sinking to their lowest level since 2021. The median U.S. gas price is now $2.79 per gallon, with the national average 4 cents lower from a week ago. However, prices vary widely by state, with motorists in Oklahoma paying $2.366 per gallon compared to $4.469 in California. Diesel prices have seen an even steeper decline, with the national average price of diesel currently standing at $3.671 ...

Core Insights - The article discusses the oversupply of crude oil leading to prices dropping into the low-sixties range and examines how major oil companies are responding to this situation [1] - It highlights the potential shift in focus towards natural gas as the next investment opportunity for energy producers [1] Group 1: Crude Oil Market - The current oversupply in the crude oil market is driving prices down into the low-sixties [1] - Major oil companies are adapting their strategies in response to the declining crude oil prices [1] Group 2: Natural Gas Investment - Natural gas is identified as a potential focal point for investment among energy producers moving forward [1]

Core Viewpoint - OPEC+ has decided to halt output increases after a modest rise of 137,000 barrels per day (bpd) in December, driven by concerns over a potential glut in 2026 that could push Brent crude prices below $60 [1] Group 1: OPEC+ Output Decisions - The cartel's recent output increase of 137,000 bpd in December is seen as modest [1] - Analysts express concerns that OPEC+ is facing challenges in maintaining unity amid these output decisions [1] Group 2: Market Implications - There are fears that a potential oversupply in 2026 could lead to a significant drop in Brent crude prices [1] - The decision to limit output hikes reflects a cautious approach to prevent market instability [1]

Core Insights - China's new petrochemical capacity is raising concerns about potential oversupply in the global market, which could negatively impact smaller petrochemical producers [1][3] - The forecast indicates an 18% increase in polyethylene production in China this year, significantly outpacing the expected 10% growth in demand, leading to a 13% decline in polyethylene imports [1][4] Industry Overview - China has become the world's largest producer of ethylene and polyethylene, having built seven petrochemical complexes in the last decade, surpassing the United States [2] - As the largest consumer of petrochemicals, China's imports reached 15 million tons last year, but increasing domestic production is shrinking the market for other producers [3] Future Projections - China's polyethylene production capacity is expected to grow by another 16% by 2026, potentially worsening the existing structural imbalance due to surplus production capacity [4] - Some new production capacity is being delayed, as seen with BASF's new petrochemicals plant in China, which has postponed its operations [4] Demand Dynamics - Petrochemicals are the primary driver of crude oil demand growth, accounting for 95% of total oil demand growth over the five years leading to 2024, with significant demand growth observed in China [5] - The rapid growth in petrochemical demand in China mirrors trends seen in other sectors like solar power and electric vehicles, where government support led to oversupply and overcapacity issues [5]