DeHaan Demand Pushing Oil Prices Higher OPEC May Help This Week

As we start a new months, oil prices continue to move higher. West Texas Crude was trading Monday around $62 per barrel. And Patrick DeHaan with GasBuddy noted that fuel demand, nationally, is at the highest levels reported since the pandemic started.

“We are at an intersection now of low supply and high demand, and that’s why oil prices have gone up.  I will say though, later this week, OPEC is planning to meet on Thursday, so we may see an increase in production then.”

Why, with oil prices moving higher, would OPEC increase production, thus moving prices lower. DeHaan said it’s an effort to keep the U.S. out of the oil production game.

“If they do increase oil production, that would limit oil’s recovery, it would push oil prices down modestly, depending on the size of the cut, how big it is, but they could effetely could continue to win back market share by raising production and thus lowering oil prices and keeping American producers out of the game.”

What impact, if any did the winter storm in Texas have of fuel prices nationwide and here in the Northwest?

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