2014–2016 world oil market chronology

Events affecting the oil market World oil market chronology from 2003 2014 thumb|Commercial Crude Oil Stock Pile 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.http://www.newsobserver.com/2014/01/02/3500681/oil-prices-start-year-with-rise.html Oil price falls below $96 Associated Press News & Observer January 2, 2014 Pablo Gorondi September 22, 2019 January 4, 2014 https://web.archive.org/web/20140104160104/http://www.newsobserver.com/2014/01/02/3500681/oil-prices-start-year-with-rise.html dead 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.https://abcnews.go.com/International/wireStory/oil-price-falls-92-21510366 Oil Prices Remain Near $92 on Iran, Libya Outlook Associated Press ABC News January 13, 2014 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.https://finance.yahoo.com/news/oil-slips-below-98-climbing-113214451.html Oil slips below $98 after climbing to 2014 high Pablo Gorondi Associated Press Yahoo News January 31, 2014 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.https://abcnews.go.com/International/wireStory/oil-prices-stay-102-demand-expectations-22695229 Oil Down Ahead of Expected Trimming in US Growth Pablo Gorondi Associated Press ABC News February 27, 2014 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.https://www.usnews.com/news/business/articles/2014/03/24/oil-near-99-after-china-manufacturing-drops Crude oil rises to above $100 a barrel amid Russia, Libya supply risks and Texas oil spill Pablo Gorondi Associated Press U.S. News March 24, 2014 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.https://abcnews.go.com/International/wireStory/oil-price-rises-nigeria-supply-woes-us-growth-23097633 Oil Price Rises on Nigeria Supply Woes, US Growth Pablo Gorondi Associated Press ABC News March 28, 2014 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,https://abcnews.go.com/International/wireStory/oil-prices-slip-101-libyan-deal-23219528 Oil Prices Slip Below $101 After Libyan Deal Pablo Gorondi Associated Press ABC News April 7, 2014 but more Ukraine problems pushed the prices back up on April 8.https://abcnews.go.com/US/wireStory/oil-prices-asia-ahead-weekly-us-data-23232841 Oil up Above $101 on Renewed Unrest in Ukraine Pablo Gorondi Associated Press ABC News April 8, 2014 Gas was $3.59, matching the level in 2013.http://www.dallasnews.com/business/business-headlines/20140408-scant-relief-summer-gas-price-to-dip-a-penny.ece Scant relief: Summer gas prices expected to dip just a penny The Dallas Morning News April 8, 2014 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.https://abcnews.go.com/Business/wireStory/oil-prices-recoup-earlier-losses-ukraine-woes-23450107 Oil Near $102 on Ukraine Crisis; US Gas Prices Up Associated Press ABC News April 24, 2014 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.https://www.washingtonpost.com/world/europe/oil-price-eases-following-russia-sanctions/2014/04/30/e55e5e50-d02f-11e3-a714-be7e7f142085_story.html https://web.archive.org/web/20140511041318/http://www.washingtonpost.com/world/europe/oil-price-eases-following-russia-sanctions/2014/04/30/e55e5e50-d02f-11e3-a714-be7e7f142085_story.html May 11, 2014 Oil below $100; gas prices near peak, AAA says Associated Press The Washington Post April 30, 2014 dead More Ukraine trouble pushed Benchmark crude above $100 and Brent crude over $108 on May 12,https://abcnews.go.com/Business/wireStory/ukraine-jitters-push-crude-oil-100-23686285 Ukraine Jitters Push Crude Oil Above $100 Pablo Gorondi Associated Press ABC News May 12, 2014 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.http://mtstandard.com/business/oil-below-on-weak-us-economic-data/article_40a4c315-b7d5-5cc4-9903-91acaf01cc02.html Oil below $102 on weak US economic data Associated Press The Montana Standard May 15, 2014 August 2026 InternetArchiveBot https://abcnews.go.com/International/wireStory/oil-hovers-102-libya-tensions-flare-23789430 Oil Steady Above $102 as Libya Tensions Flare Pablo Gorondi Associated Press ABC News May 20, 2014 Continued concerns over Ukraine and Libya pushed oil back above $104.http://bigstory.ap.org/article/oil-stays-above-104-crises-ukraine-libya-0 Oil higher above $104 on crises in Ukraine, Libya Pablo Gorondi Associated Press May 28, 2014 May 29, 2014 August 2, 2019 https://web.archive.org/web/20140529085508/http://bigstory.ap.org/article/oil-stays-above-104-crises-ukraine-libya-0 dead The price of gas was $3.65.https://abcnews.go.com/Health/wireStory/gasoline-prices-familiar-summer-nears-23854802 Gasoline Prices Have Familiar Look as Summer Nears Jonathan Fahey ABC News Associated Press May 24, 2014 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.http://www.cbsnews.com/news/oil-price-weakens-ahead-of-china-data/ Oil price weakens ahead of China data CBS News Associated Press June 30, 2014 The price of gas was $3.66.https://www.baltimoresun.com/2014/07/01/highest-gas-prices-since-2008-expected-for-july-4th-weekend/ Highest gas prices since 2008 expected for July 4th weekend The Baltimore Sun July 1, 2014 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.https://abcnews.go.com/Business/wireStory/oil-rises-past-103-geopolitical-turmoil-24608764 Oil Price Remains High on Global Turmoil Jonathan Fahey ABC News Associated Press July 18, 2014 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.https://www.reuters.com/article/markets-oil-idUSL4N0PZ1I520140724 UPDATE 7-Brent oil dips below $107, market well-supplied Anna Louie Sussman Reuters July 24, 2014 On July 28, gas was $3.52, down five cents from a week earlier, due to refiners cutting prices.http://www.wlwt.com/news/gas-prices-down-thanks-to-refinery-competition/27177876#!bqX2Kp Gas prices down thanks to refinery competition WLWT July 28, 2014 Two weeks later gas was $3.48, less than a year earlier.https://money.cnn.com/2014/08/11/investing/iraq-oil-prices/ https://web.archive.org/web/20140815093429/http://money.cnn.com/2014/08/11/investing/iraq-oil-prices dead August 15, 2014 Iraq crisis: Why aren't gas prices spiking? Jesse Solomon CNNMoney August 12, 2014 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.https://online.wsj.com/articles/oil-lower-after-unexpected-rise-in-u-s-stockpiles-1408011661 Oil Prices Keep Tumbling to Multi-Month Lows Nicole Friedman The Wall Street Journal August 14, 2014 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.https://www.usatoday.com/story/money/business/2014/08/27/labor-day-gas-prices-cheapest-since-2010/14679557/ Labor Day gas prices cheapest since 2010 Gary Strauss USA Today August 27, 2014 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.http://www.businessweek.com/news/2014-10-15/wti-extends-rout-from-two-year-low-amid-rising-u-dot-s-dot-supplies https://archive.today/20141024161559/http://www.businessweek.com/news/2014-10-15/wti-extends-rout-from-two-year-low-amid-rising-u-dot-s-dot-supplies dead October 24, 2014 WTI Crude Falls Below $80 for First Time Since June 2012 Grant Smith Bloomberg Businessweek October 16, 2014 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.http://www.newsobserver.com/2014/10/31/4279747/gas-almost-under-3-nationwide.html?sp=/99/104/ Gas almost under $3 nationwide: What to know Jonathan Fahey Associated Press News & Observer October 31, 2014 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.https://www.reuters.com/article/us-usa-gasprices-idUSKBN0JL0TM20141207 U.S. gasoline prices fall to four-year low: Lundberg survey Michelle Conlin Reuters December 7, 2014 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.https://www.ft.com/content/eaa297ce-7eca-11e4-a828-00144feabdc0 Oil prices slide to five-year low Anjli Raval Financial Times December 8, 2014 After Saudi Arabia oil minister Ali Al-Naimi said OPEC members could not cut production on their own,https://www.cnbc.com/id/102280630#. https://web.archive.org/web/20141219203230/http://www.cnbc.com/id/102280630#. dead December 19, 2014 Naimi: OPEC needs more support for output cutdown Reuters CNBC December 18, 2014 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.https://www.wsj.com/articles/crude-oil-prices-inch-up-in-asian-trading-1418884276 Oil Prices Resume Slide Christian Berthelsen The Wall Street Journal December 18, 2014 Gas was $2.49 a gallon.http://www.msnbc.com/rachel-maddow-show/gas-prices-drop-below-key-threshold Gas prices drop below key threshold Steve Benen Steve Benen MSNBC December 18, 2014 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.https://money.cnn.com/2014/12/23/news/economy/lower-gas-price-streak/ https://web.archive.org/web/20141226035359/http://money.cnn.com/2014/12/23/news/economy/lower-gas-price-streak dead December 26, 2014 89 straight days of lower gas prices Chris Isidore CNNMoney December 23, 2014 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.https://www.reuters.com/article/us-markets-oil-idUSKBN0KP06L20150116 Oil up $2 as IEA sees signs 'tide will turn' Christopher Johnson Reuters January 16, 2015 West Texas Intermediate, down 10% for the month, closed at $48.48 on January 14https://www.bloomberg.com/news/2015-01-14/oil-at-40-and-below-gaining-traction-on-wall-street.html Wall Street Now Sees Oil Around $40 Grant Smith Bloomberg January 14, 2015 after closing at $45.89 the previous day. Gas was $2.12.https://www.usatoday.com/story/money/business/2015/01/13/national-gas-prices-to-drop-below-2-a-gallon/21686963/ National gas prices to soon fall below $2 Gary Strauss USA Today January 13, 2015 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.https://www.bloomberg.com/news/2015-01-22/oil-surges-after-saudi-media-reports-king-abdullah-s-death.html Oil Climbs as Saudi King's Death Spurs Policy Speculation Ben Sharples Sharon Cho amp Bloomberg January 23, 2015 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".https://www.cnbc.com/2015/02/03/us-oil-prices-drop-around-2-percent-after-4-day-rally.html US oil ends at $48.45 a barrel; Largest 1-day percentage drop since Nov. Reuters CNBC February 4, 2015 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.https://www.reuters.com/article/us-markets-oil-idUSKBN0LL02T20150217 Oil up from early sell-off as Brent sets 2015 high Barani Krishnan Robert Gibbons amp Reuters February 17, 2015 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.http://www.cbsnews.com/news/why-are-gas-prices-going-up-again/ Why are gas prices going up again? Ben Tracy CBS News February 27, 2015 On March 13, oil declined 5% for a total drop of 10% for the week. Benchmark crude reached $45.16 https://www.usatoday.com/story/money/markets/2015/03/13/stocks-friday/70263832/ Stocks tumble as Dow drops 200 points David Carrig USA Today March 13, 2015 and Brent crude was $56.24.https://www.washingtonpost.com/world/asia_pacific/asia-stocks-gain-as-weak-retail-sales-shift-fed-thinking/2015/03/13/fff04046-c93d-11e4-bea5-b893e7ac3fb3_story.html https://web.archive.org/web/20150313100106/http://www.washingtonpost.com/world/asia_pacific/asia-stocks-gain-as-weak-retail-sales-shift-fed-thinking/2015/03/13/fff04046-c93d-11e4-bea5-b893e7ac3fb3_story.html March 13, 2015 Stocks drop as oil prices decline, rate worries persist Associated Press The Washington Post March 13, 2015 dead 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.http://www.newsobserver.com/news/business/article14065517.html Oil is on its way down again; will gasoline prices follow? Jonathan Fahey Associated Press News & Observer March 14, 2015 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%.https://www.reuters.com/article/us-markets-oil-idUSKBN0ME03R20150318 Oil up over 6 percent as dollar falls on worry of slow U.S. rate hike Barani Krishnan Reuters March 18, 2015 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.https://www.reuters.com/article/us-markets-oil-idUSKBN0N802J20150417 Brent rises above $64 after Yemen oilfield retreat Himanshu Ojha Reuters April 17, 2015 Gas was $2.41, up a penny in a week.http://www.nbcdfw.com/news/local/AAA-Says-Gas-Price-Average-Moves-Up-Remains-Less-than-Last-Year-300278251.html AAA Says Gas Price Average Moves Up, Remains Less than Last Year KXAS-TV April 17, 2015 On May 5, gas reached $2.63 after rising for 19 days; gas was going up faster than oil,https://www.cnbc.com/2015/05/05/rising-gas-prices-will-cool-off-expert.html Rising gas prices will 'cool off': Expert Jacob Pramuk CNBC May 5, 2015 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.https://www.reuters.com/article/markets-oil-idUSL4N0XW1B320150505 UPDATE 13-Oil hits 2015 highs as Saudis raise prices, Libya output slows Barani Krishnan Reuters May 5, 2015 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.https://www.bloomberg.com/news/articles/2015-05-20/oil-halts-five-day-slump-as-u-s-crude-supply-glut-seen-easing Oil Rises After U.S. Crude Supply Drops Amid Refining Boost Mark Shenk Bloomberg Business May 20, 2015 On May 26, gas was $2.74.http://www.upi.com/Business_News/Energy-Resources/2015/05/26/US-gas-prices-dip-after-long-holiday/9571432644620/ U.S. gas prices dip after long holiday Daniel J. Graeber UPI May 26, 2015 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 $65.70http://www.marketwatch.com/story/oil-prices-slip-on-strong-dollar-bullish-iea-report-2015-06-11 Oil retreats from year's high, settles 1% lower Myra P. Saefong Georgi Kantchev amp MarketWatch June 11, 2015 http://www.foxbusiness.com/markets/2015/06/10/oil-prices-extend-gains/ Oil Prices Rise on Inventory Data Dow Jones Newswires Fox Business June 10, 2015 June 12, 2015 https://web.archive.org/web/20150612234403/http://www.foxbusiness.com/markets/2015/06/10/oil-prices-extend-gains/ June 12, 2015 dead mdy-all while gas was $2.76.http://www.chron.com/business/energy/article/US-wholesale-prices-jump-0-5-percent-in-May-6323208.php US wholesale prices jump in May, led by eggs, gasoline Martin Crutsinger Associated Press Houston Chronicle June 12, 2015 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.https://www.wsj.com/articles/oil-declines-on-bearish-u-s-inventory-data-1435742944 Oil Prices Hit Two-Month Low on U.S. Inventory Data Nicole Friedman The Wall Street Journal July 1, 2015 Gas was $2.77.http://woodtv.com/2015/07/01/gasbuddy-greece-to-blame-for-gas-price-increase/ GasBuddy: Greece to blame for higher gas prices WOOD-TV July 1, 2015 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,https://www.reuters.com/article/us-markets-oil-idUSKCN0Q406C20150730 Oil dips as robust dollar offsets stock drawdown Barani Krishnan Reuters July 30, 2015 and gas was $2.69.https://www.usatoday.com/story/news/nation/2015/07/31/2-gallon-gasoline-may-back-new-year/30922481/ $2 a gallon gasoline may be back by New Year Donnelle Eller USA Today July 31, 2015 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.https://www.wsj.com/articles/crude-oil-futures-lose-momentum-1438830721 Oil Prices Near Six-Year Lows on Oversupply Fears Nicole Friedman The Wall Street Journal August 6, 2015 Brent crude was below $50.https://www.reuters.com/article/us-brent-oil-idUSKCN0QB1PW20150806 Brent oil prices fall after supertanker heading to Asia turns back Alex Lawler Reuters August 6, 2015 Gas was $2.64.http://www.omaha.com/money/as-commodity-futures-prices-fall-everyday-things-like-coffee-and/article_22055ee0-d90e-50ed-b74a-aca01c9aee2d.html $2-a-gallon gas ahead? Commodity prices are falling, but that's not always a good thing Russell Hubbard Omaha World-Herald August 6, 2015 On August 11, U.S. crude reached $43.08, its lowest price since February 2009. Brent crude was below $50.https://www.cnbc.com/2015/08/10/oil-prices-fall-after-china-devalues-yuan.html US oil settles at a six-year low of $43.08 a barrel Reuters CNBC August 11, 2015 Gas was $2.59.https://money.cnn.com/2015/08/10/news/economy/gas-prices-fall/ https://web.archive.org/web/20150813140025/http://money.cnn.com/2015/08/10/news/economy/gas-prices-fall dead August 13, 2015 Gas prices poised for a steep drop Chris Isidore CNNMoney August 10, 2015 On August 26, U.S. crude reached $38.60,https://www.cnbc.com/2015/08/25/us-crude-steadies-near-6-12-year-lows-worries-persist.html US oil settles down 71 cents, or 1.81%, at $38.60 a barrel Reuters CNBC August 26, 2015 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.https://www.cnbc.com/2015/08/26/oil-prices-rise-on-crude-stock-draw-us-economic-data.html Oil surges 10.3% to $42.56 a barrel; best day since March 2009 Reuters CNBC August 27, 2015 Gas was $2.56, the lowest at this time of year since 2004, though refinery problems kept it from being lower.http://www.marketwatch.com/story/2-gas-its-already-happening-in-12-states-2015-08-24 Retail gas prices are set to drop below $2 for first time since 2009 Myra P. Saefong MarketWatch August 26, 2015 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.http://www.foxbusiness.com/markets/2015/09/03/crude-oil-prices-flat-as-equities-rally/ Global Oil Prices Jump as Equitiy Markets Rally Reuters Fox Business September 3, 2015 September 23, 2015 https://web.archive.org/web/20150925073804/http://www.foxbusiness.com/markets/2015/09/03/crude-oil-prices-flat-as-equities-rally/ September 25, 2015 dead mdy-all 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.https://www.cnbc.com/2015/09/10/oil-weakens-as-saudi-sees-no-need-for-oil-summit-to-defend-prices.html Oil falls more than 2 percent after Goldman cuts forecasts Reuters CNBC September 11, 2015 Gas was $2.37.https://www.usnews.com/news/business/articles/2015/09/11/us-producer-prices-unchanged-in-august-as-gas-costs-fall US producer prices unchanged last month as cheaper gas offset pricier food Christopher S. Rugaber Associated Press U.S. News & World Report September 11, 2015 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.https://www.cnbc.com/2015/09/15/us-oil-prices-extend-gains-on-stock-draw.html US oil surges 5.7% to settle at $47.15 a barrel Christopher S. Rugaber Reuters CNBC September 16, 2015 On September 25, the price of gas was $2.29.http://time.com/money/4050092/gas-prices-cheap-alaska-california/ https://web.archive.org/web/20150926193051/http://time.com/money/4050092/gas-prices-cheap-alaska-california/ dead September 26, 2015 Gas Prices Are Under $3 in Every State Except One Brad Tuttle Time September 25, 2015 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.https://www.reuters.com/article/us-markets-oil-idUSKCN0RT04O20150929 Oil up, then pares gains after U.S. inventory build data Barani Krishnan Reuters September 29, 2015 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.https://www.reuters.com/article/us-global-oil-idUSKCN0SA05G20151016 Oil inches higher in volatile trade after week's sharp losses Koustav Samanta Reuters October 16, 2015 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.https://www.reuters.com/article/us-global-oil-idUSKCN0SE07B20151020 Oil steadies under $50 but outlook uncertain Christopher Johnson Reuters October 20, 2015 Gas was $2.25.http://www.upi.com/Business_News/Energy-Industry/2015/10/20/US-gas-prices-drifting-lower/4421445333289/ U.S. gas prices drifting lower Daniel J. Graeber UPI October 20, 2015 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.https://www.wsj.com/articles/oil-prices-bounce-back-as-investors-hunt-bargains-1446719919 Oil Prices Bounce Back as Investors Hunt Bargains Georgi Kantchev The Wall Street Journal November 5, 2015 Gas was $2.19, the lowest for the time of year since 2004.http://www.marketwatch.com/story/get-ready-for-the-lowest-holiday-gas-prices-in-7-years-2015-11-04 Get ready for the lowest holiday-gas prices in 7 years Myra P. Saefong MarketWatch November 4, 2015 On November 19, U.S. crude fell below $40, and Brent crude slipped below $44.https://www.reuters.com/article/us-global-oil-idUSKCN0T802L20151119 Brent steady, U.S. crude down ahead of contract expiry Barani Krishnan Reuters November 19, 2015 Gas was $2.13.http://www.freep.com/story/money/business/michigan/2015/11/18/low-gas-prices-michigan/75980340/ Expect gas prices to keep falling through holidays Frank Witsil Detroit Free Press November 18, 2015 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.https://www.reuters.com/article/us-global-oil-idUSKBN0TC00O20151123 Oil up 1 percent after Saudis say ready to cooperate on prices Barani Krishnan Reuters November 23, 2015 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.https://www.cnbc.com/2015/12/03/us-crude-climbs-on-weaker-dollar-ahead-of-opec-meeting.html Oil below $40 a barrel as OPEC rolls over policy Reuters CNBC December 4, 2015 On December 11, oil fell to $35.62. The next day, gas was $2.02, the lowest in over six years.http://www.newsobserver.com/news/business/article49428505.html# Average gas price soon under $2, lowest since recession David Koenig Associated Press News & Observer December 12, 2015 On December 21, Brent crude fell as low as $36.35 a barrel; this was the lowest price since July 2004.https://www.wsj.com/articles/opec-report-suggests-oil-price-rebound-supply-cut-1450864802 OPEC Report Suggests Oil-Price Rebound, Supply Cut Benoit Faucon The Wall Street Journal December 23, 2015 U.S. crude rose slightly to $36.14.http://www.latimes.com/business/la-fi-wall-street-20151222-story.html Stocks close higher as the price of crude oil stabilizes Associated Press Los Angeles Times December 22, 2015 Gas fell below $2 for the first time since 2009.https://www.nbcnews.com/business/consumer/average-gas-price-falls-beneath-2-gallon-first-time-2009-n483956 Average Gas Price Falls Beneath $2 a Gallon for First Time Since 2009 Associated Press CNBC December 21, 2015 On December 30 with U.S. supplies still high, light sweet crude fell to $36.60, while Brent crude reached $36.46. Oil ended the year down 30%.https://www.wsj.com/articles/oil-prices-fall-on-oversupply-fears-1451470725 Oil Prices Fall on Oversupply Anxiety Nicole Friedman The Wall Street Journal December 30, 2015 2016 On January 6, 2016, the price of WTI crude hit another eleven-year low, as it dropped to 32.53 a barrel for the first time since 2009.Oil price crashes to $33 – and could go as low as $18, TheWeek 07 January On January 12, in its seventh losing day, crude oil dropped below $30 for the first time since December 2003, ending the day at $30.44, as gas fell below $1.97.https://money.cnn.com/2016/01/12/investing/oil-prices-below-30/index.html?iid=EL https://web.archive.org/web/20160117190959/http://money.cnn.com/2016/01/12/investing/oil-prices-below-30/index.html?iid=EL dead January 17, 2016 Oil crashes to $30 a barrel Christopher Johnson CNNMoney January 12, 2016 Brent crude hit $27.10 on January 20, the lowest since November 2003. Oil rose again before falling January 25, Brent crude reaching $30.86 and U.S. oil $30.68.https://www.bbc.com/news/business-35398426 Oil prices in reverse amid Opec call BBC January 25, 2016 After OPEC encouraged production cuts and U.S. GDP data suggested fewer interest rate increases, U.S. oil had four days of gains to finish January at $33.62. Brent was $34.74.https://www.cnbc.com/2016/01/28/us-crude-extends-rise-on-hopes-of-supply-cuts-to-tackle-glut.html Oil rises, pares losses in January on hopes for production deal Reuters CNBC January 29, 2016 Gas was $1.81, the lowest since January 2009.http://abc7chicago.com/news/gas-prices-fall-to-lowest-level-since-2009-aaa-says/1181688/ Gas Prices Fall to Lowest Level Since 2009, AAA Says Tanja Babich WLS-TV February 1, 2016 A February 7 meeting between Ali al-Naimi of Saudi Arabia and Eulogio Del Pino of Venezuela failed to produce desired results, and oil fell the next day, with Brent crude at $33.53 by noon and U.S. crude at $30.27.https://www.reuters.com/article/us-global-oil-idUSKCN0VH03B Oil falls with glut in focus after hopes for producer deal fade Devika Krishna Kumar Reuters February 8, 2016 On February 11, U.S. crude reached $26.21 after reaching $26.05, its lowest price since May 2003. The next day oil rose 12.3 percent to $29.44, the most in one day since February 2009. Investors wanted to be ready when the price started going up. Also, OPEC was "ready to cooperate" on lower production.https://money.cnn.com/2016/02/11/investing/oil-price-crash/index.html?iid=EL https://web.archive.org/web/20160215083804/http://money.cnn.com/2016/02/11/investing/oil-price-crash/index.html?iid=EL dead February 15, 2016 Oil crash taking stocks down ... again Charles Riley CNNMoney February 11, 2016 https://money.cnn.com/2016/02/12/investing/oil-prices-spike/index.html?iid=EL https://web.archive.org/web/20180707013420/http://money.cnn.com/2016/02/12/investing/oil-prices-spike/index.html?iid=EL dead July 7, 2018 Crazily volatile oil spikes 12% in biggest gain since 2009 Matt Egan CNNMoney February 12, 2016 On February 22, Benchmark U.S. crude rose 6.2% to $31.48 and Brent crude went up 5.1% to $34.69 after news that supplies were expected to grow more slowly. Oil prices lift market as energy stocks rally Marley Jay Associated Press Salisbury Post February 23, 2016 2A By the end of the week, WTI was up 3% to $32.78, and Brent was up 7% to $35.12 after rising as high as $37, the most since January 5. Pipeline outages in Nigeria and Iraq, a lower number of active U.S. rigs, and lower gasoline inventories for the first time since November were reasons.https://www.cnbc.com/2016/02/25/oil-prices-dip-on-oversupply-despite-news-of-meeting-to-freeze-output.html US oil erases gains, closes at $32.78 a barrel Reuters CNBC February 26, 2016 Gas was $1.73, down 10 cents from the previous month, but with the switch to summer blend in California, gas was $2.34 and on its way back up.http://time.com/money/4238605/gas-prices-california-increase/ https://web.archive.org/web/20160227023202/http://time.com/money/4238605/gas-prices-california-increase/ dead February 27, 2016 Here's Where Gas Prices Are Expected to Skyrocket This Weekend Kerry Close Time February 26, 2016 After inventories fell faster than expected, U.S. crude was $37.94 on March 9, while Brent crude was up again to $40.84 after six straight up days and its highest level in three months the previous day then a 3% drop due to concerns about too much oil. Prices were up 25% after major oil producers said they would keep supplies at January levels.https://www.cnbc.com/2016/03/08/oil-prices-dip-on-stronger-dollar-demand-concerns.html Oil rises on bullish US gasoline draw, OPEC speculation Reuters CNBC March 9, 2016 After reducing the number of rigs for 12 weeks, U.S. producers added one rig with oil up 50%. With gasoline demand up, Brent crude reached its highest level of the year at $42.54 before falling to $41.20 March 18 in its fourth straight week of gains. U.S. crude also reached a high at $41.20 before falling to $39.44, ending its fifth straight week higher.http://fortune.com/2016/03/20/crude-prices-fall Crude Prices Fall From 2016 Highs as U.S. Oil Rig Count Rises Reuters Fortune March 20, 2016 Gas was $2.02, up 17 cents in 2 weeks.https://abcnews.go.com/US/wireStory/gas-prices-jump-17-cents-past-weeks-202-37794729 Gas Prices Jump by 17 Cents Over Past 2 Weeks, to $2.02 Associated Press ABC News March 20, 2016 On March 31, U.S. crude reached $37.57, the lowest since March 31, as the country's supply hit a record for the seventh week. Brent crude was $38.81.https://www.reuters.com/article/us-global-oil-idUSKCN0WX00R Oil prices slide as U.S. crude stocks hit record Libby George Reuters March 31, 2016 In the first week of April with a weak dollar, oil jumped 7%, with Benchmark crude reaching $39.72 and Brent at $41.94.http://www.latimes.com/business/la-fi-0409-markets-20160408-story.html Stocks inch higher as oil prices jump, but retailers skid Associated Press Los Angeles Times April 8, 2016 The next Tuesday, Brent hit $43.58, the highest of the year.https://next.ft.com/content/6a92292c-00a2-11e6-ac98-3c15a1aa2e62 Oil traders say worst of price crash over David Sheppard Financial Times April 12, 2016 With a planned meeting of oil producers to discuss keeping output where it was, on April 15 oil fell over 3%, with U.S. crude reaching $40.33 by midday and Brent at $42.82.https://www.reuters.com/article/us-global-oil-idUSKCN0XB027 Oil falls as investors expect little from Doha meeting Devika Krishna Kumar Reuters April 15, 2016 With high demand in the U.S., lower production worldwide and problems in oil fields, oil rose for the third straight week, with Brent crude rising 4.5% for the week to $45.11 and West Texas Intermediate up more than 8% at $43.73.https://www.reuters.com/article/us-global-oil-idUSKCN0XJ037 Oil up, marking third week of gains as market sentiment improves Devika Krishna Kumar Reuters April 22, 2016 On April 26, U.S. inventories were down after analysts had expected a supply increase, and the dollar was weak. U.S. crude was up 3% to $44.04 while Brent crude was up to $45.74.https://www.reuters.com/article/us-global-oil-idUSKCN0XN02S Oil hits 2016 high after U.S. crude draw report, gasoline rally Barani Krishnan Reuters April 26, 2016 The fire in Canada, attacks in Nigeria, and economic problems and the Zika virus in Venezuela led to supply problems and the highest prices in seven months on May 16.https://money.cnn.com/2016/05/17/investing/oil-crude-prices-rally/ https://web.archive.org/web/20160518100953/http://money.cnn.com/2016/05/17/investing/oil-crude-prices-rally/ dead May 18, 2016 Oil prices hit highest level in 7 months Alanna Petroff CNN May 17, 2016 With U.S. supplies down more than predicted, WTI reached $49.56 on May 25, the highest since October. Brent crude was $49.74.http://www.marketwatch.com/story/crude-oil-rockets-to-near-50-a-barrel-as-data-hints-at-us-supply-drop-2016-05-25 Oil ends at highest since October as U.S. supplies drop Myra P. Saefong Market Watch May 25, 2016 On June 7, with the dollar lower and interest rates not expected to rise after U.S. economic news, Benchmark crude closed over $50 for the first time since July 21. Brent crude was $51.44.Late sell-off leaves stocks barely higher/oil rises Marley Jay Associated Press Salisbury Post June 8, 2016 2A With the June 23 United Kingdom vote to leave the European Union, U.S. oil fell $2.05 to $48.06 and Brent crude fell $2.13 to $48.78.https://www.wsj.com/articles/oil-prices-drop-by-6-as-leave-camp-leads-in-brexit-vote-1466740269 Oil Prices Hammered by U.K. Vote to Leave EU Nicole Friedman The Wall Street Journal June 24, 2016 Gas was $2.29 on June 30, the lowest for the July 4 holiday in 13 years.https://www.washingtonpost.com/business/economy/gas-prices-dip-to-a-13-year-low-ahead-of-july-4-holiday-weekend/2016/06/30/5f23233a-3ee0-11e6-a66f-aa6c1883b6b1_story.html Gas prices dip to a 13-year low ahead of July 4 holiday weekend Rachel Premack The Washington Post June 30, 2016 On July 7, although supplies were down, they were not as low as forecast, and U.S. crude reached $47.20, down 4.7%. Brent crude reached $46.27, the lowest since May 11.https://www.reuters.com/article/us-global-oil-idUSKCN0ZN02A Oil tumbles 5 percent after U.S. crude draw disappoints market bulls Barani Krishnan Reuters July 7, 2016 For the week ending July 15, crude supplies fell, but gasoline supplies rose. After gains on July 20, WTI fell to $44.75 and Brent crude went down to $46.20.http://www.marketwatch.com/story/oil-prices-cruise-higher-on-a-drawdown-in-us-crude-stocks-2016-07-21 Oil loses over 2% on high U.S. fuel stocks, slower fall in crude output Myra P. Saefong Jenny W. Hsu Sarah McFarlane amp MarketWatch July 21, 2016 Gas was $2.19, the lowest since 2004 at that time of year.https://www.usatoday.com/story/money/2016/07/21/summer-heats-up-gas-prices-stay-cool/87388482/ As summer heats up, gas prices stay cool Eli Blumenthal USA Today July 21, 2016 On August 5, WTI fell to $41.52 as the dollar rose as a result of better U.S. job news than expected, while Brent crude fell to $43.95. Oil prices had fallen more than 20% since June and were rising earlier in the week.https://www.cnbc.com/2016/08/04/oil-prices-dip-as-short-covering-rally-fizzles-out.html Oil prices fall as dollar jumps on US jobs data Reuters CNBC August 5, 2016 On the week ending August 12, Benchmark crude rose 6.4%, and it went over $45 on August 15. Brent crude was $47.59.http://www.latimes.com/business/la-fi-markets-20160815-snap-story.html Stocks rise, lifted by oil prices Associated Press Los Angeles Times August 15, 2016 Gas was $2.12.http://www.myrtlebeachonline.com/news/local/article95712542.html#storylink=cpy Gas prices going up, but still well below 5-year average The Sun News August 15, 2016 On August 31, U.S. government data showed a higher than expected increase in oil supplies, and the prediction that supplies would stay high. If the Fed raised interest rates, a higher dollar and lower oil prices would result. U.S. crude fell to $43.16 on September 1, its lowest level in 3 weeks. Brent reached $45.52. Oil had gone up 11% for the month with the expectation that OPEC would limit production.https://www.cnbc.com/2016/08/31/oil-prices-rebound-on-weaker-dollar-despite-bigger-than-expected-us-stock-build.html US crude closes 3.45 pct lower, at $43.16, marking a 3-week low Reuters CNBC September 1, 2016 Colonial Pipeline lost a major pipeline September 9 after a leak. As of September 19, the national average was up 2 cents to $2.20, though some areas, especially in the Southeast, saw increases of 20 to 30 cents.https://www.cnbc.com/2016/09/19/gas-prices-could-get-squeezed-higher--.html Gasoline price pinch could get worse before gets better Patti Domm CNBC September 19, 2016 The pipeline returned to service after completion of a bypass on September 21.https://abcnews.go.com/US/wireStory/company-aims-restart-gasoline-pipeline-wednesday-evening-42250450 Company Restarts Gasoline Pipeline After Leak in Alabama Associated Press ABC News September 21, 2016 On September 23, Brent crude fell slightly to $45.89 in anticipation of a September 26 OPEC meeting.https://www.theguardian.com/business/2016/sep/24/oil-price-opec-members-meeting Third time's the charm? Opec members meet again to tackle low oil prices Debbie Carlson The Guardian September 24, 2016 On September 29, WTI rose to $47.83 and Brent crude hit $49.24 after OPEC's decision to decrease production resulted in the biggest gains since April.https://www.wsj.com/articles/oil-prices-rise-on-opec-deal-1475115600 Oil Prices Climb After OPEC Deal Alison Sider Sarah McFarlane amp The Wall Street Journal September 29, 2016 Oil ended September higher for the second month. With the dollar strong after improvement in the U.S. economy, and stock markets weak, West Texas Intermediate fell October 3 after reaching $48.87, the highest point since July 5. Brent crude fell after hitting $50.90, its highest in six weeks.https://www.wsj.com/articles/oil-prices-rise-on-opec-deal-1475115600 Oil drifts after Brent breaks $50 a barrel, US crude touches 3-month high Reuters CNBC October 3, 2016 On October 10, with Russia planning to join OPEC and Algeria saying others should, Brent crude reached its highest point in a year at $53.73, while WTI hit $51.60, the highest since June 9.https://www.reuters.com/article/us-global-oil-idUSKCN12A00S Oil hits one-year high as Russia ready to join output caps Reuters Barani Krishnan October 10, 2016 A week later, with supplies high and added U.S. production capacity, WTI fell just below $50 and Brent crude ended the day at $51.16.https://www.reuters.com/article/us-global-oil-idUSKBN12H01R Oil ends lower on U.S. trade spike; shale decline limits losses Reuters Ethan Lou October 17, 2016 With lower inventories, on October 19 WTI reached $51.93, the highest since July 2015, while Brent crude reached $53.14.https://www.cnbc.com/2016/10/18/oil-rises-on-reported-us-crude-inventory-draw-expected-opec-cut.html US crude surges 2.6% on EIA data to settle at $51.60, best close since July 2015 Reuters CNBC October 19, 2016 After an October 29 meeting by both OPEC members and nonmembers on the agreement to limit output resulted only in an agreement to meet again on November 30, and with high inventories at Cushing, Brent crude reached $48.17, the lowest since September 29, and WTI was down to $46.86, its lowest since September 27.http://www.businessinsider.com/crude-oil-price-october-31-2016-10 Crude oil is getting slammed after another OPEC meeting flop Reuters Business Insider Akin Oyedele October 31, 2016 A strong dollar and higher than expected U.S. and world supplies led to an end to rising prices on November 17, with U.S. crude reaching $45.52 and Brent crude $46.26.https://www.cnbc.com/2016/11/16/oil-prices-fall-on-us-crude-stock-build-opec-remains-in-focus.html US crude loses steam after rising on OPEC deal hope, settles down 15 cents at $45.42 Reuters CNBC November 17, 2016 Then oil reached its highest point in 3 weeks on November 21, with Brent crude up 11% in a week, reaching $49, after Saudi Arabia began attempting to persuade other OPEC countries to participate in its plan, while WTI reached $47.80. OPEC countries met November 30 and agreed to limit output for the first time since 2008. As a result, Brent crude went over $50, the highest in a month, while West Texas intermediate stopped just short of $50.http://mobile.reuters.com/article/GCA-Commodities/idUSKBN13G01Z Oil jumps, at three-week high ahead of OPEC output decision Reuters David Gaffen November 21, 2016 https://www.reuters.com/article/us-markets-oil-opec-idUSKBN13P2MZ After OPEC deal, oil expected to rally – for the moment Reuters Devika Krishna Kumar Jessica Resnick-Ault amp December 1, 2016 Brent reached $57.89 and U.S. crude reached $54.51 on December 12, both the highest since July 2015, after Russia and other countries not part of OPEC also agreed to limit production.https://www.cnbc.com/2016/12/11/oil-prices-soar-on-global-producer-deal-to-cut-crude-output.html US crude posts best settle since July 2015, up 2.6% at $52.83 on oil producer output cuts CNBC Reuters December 12, 2016 For the week ending December 16, U.S. oil supplies, expected to fall, actually rose. WTI fell to $52.49 and Brent crude ended December 21 at $54.46.http://www.marketwatch.com/story/oil-prices-extend-gains-after-us-data-shows-falling-supplies-2016-12-21 Oil settles sharply lower as U.S. crude inventories climb; natural-gas futures surge MarketWatch Mark Decambre Jenny W. Hsu amp December 21, 2016 On December 27, the first day of trading after Christmas, with the output reduction to start January 1, Brent crude hit $56.09 and U.S. crude CLc1 reached $53.90.https://www.reuters.com/article/us-global-oil-idUSKBN14G00Q Oil rallies in thin trade, adds to year's gains Reuters David Gaffen December 27, 2016 With a continued increase in U.S. supplies and nine weeks of increases in oil rigs, oil fell slightly at the end of the week, with WTI ending the year at $53.72 for a 45% gain, and Brent at $56.82, up 52%. Both gains were the most since 2009.https://www.reuters.com/article/global-oil-idUSL4N1EP05A Oil prices edge up despite unexpected U.S. crude inventory build Reuters Mark Tay December 30, 2016 https://www.reuters.com/article/us-global-oil-idUSKBN14J022 Oil down, but ends year with biggest gain since 2009 Reuters Ethan Lou December 30, 2016 See also 2011–2013 world oil market chronology 2017–2019 world oil market chronology 2020–2022 world oil market chronology 2023–2025 world oil market chronology 2026–2028 world oil market chronology References External links U.S. DOE EIA energy chronology and analysis Oil Price History and Analysis Category:Oil market timelines *