Latest News From Crude Oil

“A lot of people looked at the smaller landlocked crush facilities and said, ‘Does that make sense?" I think those locations will go away, and I’m not sure they should have been there to begin with," Fife says.

The license would still bar Venezuela’s PdVSA, the state-owned oil company, from receiving any profits from the oil sales in the joint venture with Chevron.  

Freight costs are likely to remain elevated through the winter, despite the recent decline in crude oil prices.

Rep. Khanna's Gasoline Export Ban Act of 2022 would grant the president authority to stop exports of gas when prices are high. Other government officials are instead looking at biofuels to mitigate rising gas prices.

U.S. officials are bracing for another potential oil price surge in December, if a European embargo on Russian oil goes into effect and the Saudis refuse to increase production to make up for the drop in oil supply.

The 15 million barrels from the country's Strategic Petroleum Reserve (SPR) are the final part of a 180-million-barrel release announced in March and does not constitute a further release.

OPEC+’s decision to slash oil production has the White House considering measures aimed at breaking the cartel’s hold on markets or limiting U.S. oil exports should shortages emerge.

British Prime Minister Liz Truss and President Biden agree a U.S./U.K. trade deal is a low priority. However, the U.K. might lean on the U.S. more in coming weeks as many countries prepare to ban Russian oil.

ProFarmer’s Brian Grete says these market dips coming out of Independence Day weekend generally set the tone for the weeks to come.

DOE will call for bids on 60 million barrels of oil come Fall 2022. However, the department anticipates deliveries will not be fulfilled until fiscal year 2023—when future oil prices and demand will be lower.

UPDATE: WASHINGTON (AP) - Biden: US ban on Russian oil a 'powerful blow' to 'Putin's war,' warns Americans 'defending freedom is going to cost.'

An oil price of $120 a ton could send the global economy into a major recession and fan inflation in the U.S., which Jim Wiesemeyer says is already in double digits for rural Americans.

A $9 billion dollar oil pipeline that became a symbol of the rising political clout of climate change advocates and a flash point in U.S.-Canada relations was officially canceled on Wednesday.

Energy needs and global energy policies will be front and center this year.

Basse says stocks are already a large number. However, he thinks farmers may potentially have larger problems to solve if corn acres are high and ethanol demand stays low.

Optimism continues to build that a trade deal can be worked out with China as efforts continue to do something about the tariffs, especially with ethanol.

Canadian National Railway Co.’s new leader vowed to clear backlogs that have angered customers and to speed up service immediately by deploying additional resources.

Iowa Secretary of Agriculture Bill Northey has been confirmed by the U.S. Senate to become an undersecretary in the U.S. Department of Agriculture.

Iowa Secretary of Agriculture Bill Northey confirmed by the U.S. Senate to become an undersecretary in the U.S. Department of Agriculture. His Confirmation was held up by Texas Senator Ted Cruz (R).

A shortage of rail cars in Canada is leaving grain and oil shipments stranded on the Prairies, sending crude prices plummeting and leaving farmers in a cash crunch.

Fight Over Ethanol Escalates as Bankruptcy Refuels Debate (1)

Newly revised numbers from the Commerce Department are indicating the gross domestic product (GDP) of the United States increased 3.1 percent from April to June, the fastest growth rate in more than two years.