2014
On January 2, benchmark crude fell by the most in one day since November 2012 to close at $95.44. Brent crude was $107.78. Gas was $3.33. With the Iran agreement and increased production from Libya and the North Sea, Benchmark oil was around $92 on January 13 and Brent crude was $105.98. After good economic news from Japan, Benchmark crude fell slightly from its highest close of 2014, $98.23 on January 30. Brent crude fell to $107.25. The difference between the two fell below $10 for the first time since November, partly due to cold weather in the United States which resulted in high heating oil demand. Early in February gas was $3.27. Cold weather led to the price of oil staying above $100 for most of February, but lower prices were expected. With United States fourth quarter economic growth expected to be lower than an early estimate, Benchmark crude fell slightly on February 27 to $102.40, with Brent crude reaching $108.61. On March 24, due to the dispute over Crimea, problems in Libya, and the Houston Ship Channel collision, Benchmark crude rose above $100 and Brent crude rose to $107.41. Economic problems in China kept prices from going even higher. Later in the week, good economic news from the United States, lower oil supplies in Oklahoma and a force majeure by Shell Nigeria pushed prices slightly higher, to $102.12 for Benchmark crude and $108.29 for Brent. On April 7, Benchmark crude fell below $101 and Brent crude fell to $105.64 with news that Libya might open more terminals in May, but more Ukraine problems pushed the prices back up on April 8. Gas was $3.59, matching the level in 2013.
Continued Ukraine problems pushed oil higher on April 24, with Benchmark crude at $101.94 and Brent crude at $110.33, though an April 23 report said U.S. oil supplies were higher than expected. The price of gas was $3.68.5, the highest since March 2013. On April 30, Benchmark crude dropped below $100 for the first time in three weeks as oil supplies continued to rise and the unusually cold winter resulted in negative U.S. economic news. Gas was up 14 cents for the month, the most in three years. More Ukraine trouble pushed Benchmark crude above $100 and Brent crude over $108 on May 12, and further problems in Libya helped push Benchmark crude over $102 and Brent crude over $110 by May 15, though negative economic news in the U.S. and an unexpected increase in oil stockpiles pushed Benchmark crude back down temporarily. Continued concerns over Ukraine and Libya pushed oil back above $104. The price of gas was $3.65.
Trouble in Iraq resulted in higher prices for oil and gas in June. West Texas crude reached $106 and Brent crude $115.75. At the end of the month Benchmark crude was just above $105 while Brent crude fell below $113. The price of gas was $3.66.
After three weeks of going down, U.S. crude fell below $100 for the first time since May on July 15. However, with Middle East and Ukraine problems sending oil higher, Benchmark crude finished July 18 just above $103, with Brent crude staying above $107. With low demand and plentiful supplies, and despite good economic news from China and the United States, Brent crude fell below $107 on July 24, and U.S. crude dropped to $102.10. On July 28, gas was $3.52, down five cents from a week earlier, due to refiners cutting prices. Two weeks later gas was $3.48, less than a year earlier. And on August 14, light sweet oil was $95.58, the lowest since January, while Brent crude reached $102.01, the lowest since June, after falling the most in one day since January. Production in Libya was up, and economic slowdowns were expected in Europe and China, making even lower prices likely.
As of Labor Day, gas was $3.41, 18 cents lower than in 2013. Low demand and high North American production cancelled out effects of troubles in the Middle East and Ukraine. West Texas crude was below $94 on August 27 and Brent crude below $103. On October 16, West Texas crude fell below $80 for the first time in more than two years, while Brent crude reached $82.60, the lowest since November 2010. OPEC Members were not expected to act as increases in the U.S. supply resulting from high tight oil (shale oil) production added to a worldwide surplus. On October 31, the average price of gas reached $3 and was expected to go below that figure for the first time since December 2010. Demand for oil was down and there were many new sources. United States oil production was up 70% since 2008, and Iraq and Canada were producing more. According to the Lundberg survey released December 7, gas was down 12 cents from two weeks earlier to $2.72. Demand was low while production was high, and the strong dollar contributed. With demand low in China and Europe and OPEC deciding not to cut back, West Texas Intermediate reached $63.50 on December 8, the lowest since July 2009, while Brent crude reached $66.90, a level not seen since October 2009. After Saudi Arabia oil minister Ali Al-Naimi said OPEC members could not cut production on their own, oil prices rose slightly December 18 but finished the day lower with Benchmark crude at $54.11 and Brent crude $59.27, both the lowest since May 2009. Gas was $2.49 a gallon. Days later gas was $2.38, the lowest in five years, after 89 straight days of going down, the longest continuous decline ever according to AAA. The price of oil was down 50% since April, while gas had fallen 36%. Economic problems in Europe and Asia, high gas mileage, a strong dollar, higher U.S. production and no action by OPEC have been credited.
2015 On January 16, Brent crude rose as high as $50.16 before falling back, and the International Energy Agency said production was down due to lower prices and higher prices were likely late in 2015. West Texas Intermediate, down 10% for the month, closed at $48.48 on January 14 after closing at $45.89 the previous day. Gas was $2.12.
After the January 23 death of King Abdullah led to concerns about the future, West Texas Intermediate climbed as high as $47.76 and Brent crude reached $49.80.
From January 30 to February 3, oil rose 20%, but on February 4, U.S. crude futures fell 8.7% to $48.45, the most in one day since November 28, 2014. Brent crude fell from $59 to $54 two weeks after reaching $45. U.S. inventories were the highest since 1982, while the dollar was recovering from "its worst day in more than a year".
Although inventory remained high, Brent crude reached its highest price of 2015 on February 17, closing at $62.53 after reaching $63. Problems in the Middle East, especially Libya, contributed to the rise. Fighting in Ukraine was also a factor.
At the end of February, with refineries changing to summer blend, the price of gas was $2.37, up from $2.03 in January. Other factors included an explosion at a Torrance, California refinery and a strike involving steel workers at 20 refineries.
On March 13, oil declined 5% for a total drop of 10% for the week. Benchmark crude reached $45.16 and Brent crude was $56.24. Supplies continued to increase and the price was expected to fall until changes by refineries for summer. Gas reached $2.46 March 7 but fell to $2.44 a week later. U.S. inventories were the highest since records had been kept, but on March 18, with the Federal Reserve indicating interest rates would not rise quickly, oil prices increased 6%.
Brent crude rose 16% in April, reaching $64.95, its highest price for 2015, on April 16. U.S. crude was $56.62 on April 17. Reasons were a drop in expected tight oil (shale oil) production in the United States and the war in Yemen. Gas was $2.41, up a penny in a week.
On May 5, gas reached $2.63 after rising for 19 days; gas was going up faster than oil, which reached its highest 2015 price, $61.10 for U.S. crude and $68.40 for Brent crude, before settling at $60.40 and $67.52 respectively. The dollar was lower but different sources conflicted over whether U.S. inventories were down for the first time in 2015, or up as they had been.
West Texas Intermediate closed slightly higher at $58.98 on May 19, and Brent crude rose slightly to just over $65 as U.S. supplies, still near records, fell while refineries increased production. On May 26, gas was $2.74.
On June 10, West Texas Intermediate reached $61.43, the highest price since December. Demand was expected to stay high, but OPEC production was also staying high. Brent crude was $65.70 while gas was $2.76.
On July 1, with an increase in U.S. inventory for the first time in two months, U.S. benchmark oil fell by the most in one day since April 8 to $56.26, the lowest since April 22, while Brent crude fell to $62.01. Gas was $2.77.
Oil fell by about $10 in July as the U.S. dollar was strong, supplies were high, and the Chinese stock market was down. Near the end of the month, Brent crude reached $53.31, close to the lowest in six months, while U.S. crude, at $48.52, was close to a four-month low, and gas was $2.69. A week later, with supplies high and summer driving in the United States ending, oil fell below $45, close to the six-year low reached in March. Brent crude was below $50. Gas was $2.64.
On August 11, U.S. crude reached $43.08, its lowest price since February 2009. Brent crude was below $50. Gas was $2.59. On August 26, U.S. crude reached $38.60, once again its lowest price since February 2009, before jumping more than 10% the next day to $42.56 for its biggest increase in one day since March 2009. Brent crude was up 10% to $47. U.S. supplies had fallen dramatically, especially in Cushing, Oklahoma. Gas was $2.56, the lowest at this time of year since 2004, though refinery problems kept it from being lower.
During August, Brent reached a low of $42.23 and U.S. crude was as low as $37.75. Then U.S. crude jumped 28% in 3 days, the most since 1990. Brent crude also climbed 28% above $54, the highest in a month.
On September 11, Goldman Sachs predicted continued surpluses and falling prices, and U.S. crude fell to $44.74 while Brent crude reached $47.93. Gas was $2.37.
A drop in supplies from Cushing, speculation about Federal Reserve action on interest rates, and U.S. help for Kurds in Syria contributed to a rise in U.S. crude to $47.15, while Brent was $50.
On September 25, the price of gas was $2.29. On September 29, with U.S. crude inventories up and Cushing supplies falling more slowly, West Texas Intermediate finished at $45.23, with Brent crude falling to $47.97.
After an International Energy Agency prediction of high supplies for the next year, U.S. crude fell the most in a week in more than two months, ending October 15 below $47, and Brent crude had its biggest loss for a week in nearly two months, just under $50 on October 16. With Middle Eastern countries producing more oil than needed and Iran expected to add even more as a result of the nuclear deal, as well as slow growth in China, U.S. crude fell below $46 on October 19 and Brent crude reached $48,51 early October 20. Gas was $2.25.
On November 4, prices fell over 3% as a result of higher U.S. inventories and U.S. output, before rising slightly, Brent crude recovering to $48.76 and West Texas Intermediate reaching $46.37. Gas was $2.19, the lowest for the time of year since 2004.
On November 19, U.S. crude fell below $40, and Brent crude slipped below $44. Gas was $2.13. Higher demand, winter weather in the United States and a promise by Saudi Arabia to work toward stabilizing prices sent West Texas Intermediate back over $42 and Brent crude over $44 on November 23.
On the first week of December Brent crude fell to $42.43 and U.S. crude slipped below $40 after OPEC first said it would increase production and then decided not to make changes. Other factors were a weak dollar and a strong Euro.
On December 11, oil fell to $35.62. The next day, gas was $2.02, the lowest in over six years.