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Stay current on the latest announcements and news from Sprague - including press releases, product spec sheets, and case studies.
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A Stronger U.S. Dollar Outweighed Fears of Tight Supplies
October 13, 2022
Recap: Oil futures fell on Wednesday as a dismal economic outlook and a stronger U.S. dollar outweighed fears of tight supplies. OPEC, which together with allies including Russia last week sent prices rising by agreeing to cut supply by 2 million barrels per day (bpd), slashed i ...
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Oil Prices Remained Under Pressure on Tuesday
October 12, 2022
Recap: Oil prices remained under pressure on Tuesday. While the recent production cuts from OPEC+ provided significant support to oil markets, traders remain worried that the slowdown of the world economy will lead to lower demand for oil. Recession talk moved to the forefront on ...
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Oil Futures Slipped on Monday as Recession Fears Overshadowed Tight Supplies
October 11, 2022
Recap: Oil futures slipped on Monday as recession fears overshadowed tight supplies. Investors weighed the possibility of a global recession and its impact on demand for fuel, against potentially tighter supplies after OPEC+ agreed to cut 2 million barrels per day of production. ...
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Oil Futures Climbed for a Fifth Session in a Row on Friday
October 10, 2022
Recap: Oil futures climbed for a fifth session in a row on Friday, with prices for the front-month U.S. contract ending 16.5% higher for the week. Oil prices had been weighed down by fears of a weakening global economy, however, OPEC+'s decision to cut output by 2 million barrel ...
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Oil Prices Rose on Thursday, Holding at Three-Week Highs
October 7, 2022
Recap: Oil prices rose on Thursday, holding at three-week highs after OPEC+ agreed to tighten global crude supply with a deal to cut production targets by 2 million barrels per day, the largest reduction since 2020. The agreement between the Organization of Petroleum Exporting C ...
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Oil Prices Ticked Higher on Wednesday
October 6, 2022
Recap: Oil prices ticked higher on Wednesday after it was reported that the OPEC+ monitoring committee had agreed to cutting output by 2 million barrels a day. The cut was on the larger end of what analysts were expecting. The move represents a major reversal in production polic ...
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OPEC+ May Be Considering an Even Larger Cut Than Previously Expected
October 5, 2022
Recap: Oil futures jumped on Tuesday after it was reported that OPEC+ may be considering an even larger cut than previously expected. An anonymous source reported that the group is considering cuts of up to 2 million barrels per day. As OPEC+ prepares to meet this Wednesday to ...
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OPEC and Other Major Producers Considered Reducing Output
October 4, 2022
Recap: Oil futures jumped over $4 a barrel on Monday as OPEC and other major producers considered reducing output by more than 1 million barrels per day to bolster prices with what would be its biggest cut since the start of the COVID-19 pandemic. November WTI traded as high as $ ...
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Hurricane Ian and Signs of a Slowing Economy, Pushed WTI Below $80 a Barrel
October 3, 2022
Recap: Weakening demand, exacerbated by Hurricane Ian and signs of a slowing economy, pushed WTI below $80 a barrel on Friday. August personal consumption expenditures price index, including gas and energy increased 0.3% in August, compared with a decline of 0.1% in July. It rose ...
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Concerns Over Production Disruptions From Hurricane Ian Subsided
September 30, 2022
Recap: Oil futures finished lower on Thursday as a sharp decline in U.S. stock markets sparked broader risk aversion across asset classes including energy commodities and as concerns over production disruptions from Hurricane Ian subsided. Despite the lower move WTI held above $8 ...
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