Following the historic collapse near the end of April, oil prices began rebounding throughout May.  May’s prices started slightly under $19/barrel and nearly doubled by the end of the month closing over $35/barrel.  The following graph shows the daily price movements over the past three months: The historic negative price dive in April was caused by a lack of liquidity in the futures markets when traders fled their positions as rising inventory levels threatened to exceed storage capacity.  During May,

As part of the sharp decline that began in January, oil prices set another somber record in April when they crashed below zero for a short period during the month.  Prices started the month at $20/barrel and managed to claw their way back to $19 by the end of the month despite the historic dip in negative territory.  April’s ending price is 70% below the start of this year along with the same time last year.  The following graph shows

The sharp decline for oil prices that began in January has accelerated through March.  Prices declined by about 60% during March, falling to roughly $20/barrel.  They are now just under a third of the level where they started this year along with where they were a year ago.  The following graph shows the daily price movements over the past three months: For some additional perspective on this remarkable decline, the following graph shows the daily price movements over the past

Oil prices began to show some potential to recover in early February following their sharp drop in January.  However, by the middle of the month, another sharp decline occurred with prices closing February just under $45 per barrel.  Oil prices have now fallen almost 27% since the beginning of the year and are about 22% lower than the same time last year.  The following graph shows the daily price movements over the past three months: The rapid decline which started

Oil prices dropped sharply and unexpectedly in two stages during January.  Prices declined by 16% from the start of the year to close January just above $51 per barrel.  The following graph shows the daily price movements over the past three months: The dramatic decline in January followed a tense period in December with rising oil prices.  Near the end of 2019, the US and Iran appeared to be moving toward a major military confrontation following the US’ assassination of

Oil prices continued climbing higher throughout December, gaining over 10% to close the month and year at $61 per barrel.  Over the past year, oil increased by more than 33%.  The following graph shows the daily price movements over the past three months: During December, two primary factors caused oil prices to move higher.  The first, during early December, was a surprise announcement from OPEC regarding their agreement to make deeper cuts in production.  The second, near the middle of

Oil prices slowly climbed higher throughout November but gave back most of their gains at the end of the month.  Prices opened the month near $54 and closed just over $55 per barrel.  The following graph shows the daily price movements over the past three months: There were no significant developments in November that drove prices gradually higher.  The main reason was attributable to cautious optimism that the US and China would reach a Phase 1 agreement toward resolving their

SOKOLIS GROUP WINTER FUEL TIPS Replace fuel filters at manufacturer recommended intervals.  Particles in the filter make it easier for wax to gel.  Use the highest OEM accepted micron filter possible. Keep your fuel tanks full and free of water.  Cold air on top of warm fuel creates condensation.  This can be reduced by limiting the amount of space in your tanks. Test any bulk tanks for water.  Water freezes faster than the wax in the fuel.  If your fuel

Oil prices traded in a very narrow range during most of October following a short period of significant volatility during September.  October’s prices opened and closed the month at just over $54 per barrel.  The following graph shows the daily price movements over the past three months: September’s volatility was caused by an attack on Saudi Arabia’s oil refining facilities during the middle of the month.  Prices spiked immediately following the attack.  However, concerns about supply disruptions in the Middle