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January Oil and Gas News Roundup

In January, oil prices were on the rise, crude oil inventory increased, and billionaires are still investing in the industry. Continue reading our oil and gas news round up to learn more about what’s happening in the industry this month.

Oil Prices Rise Despite Consumption Concerns

Despite the day-to-day fluctuation in crude prices, the United States’ most recent crude contract is the most expensive compared to those in the last 6 months. Currently the cost of crude is being held around $53 per barrel despite the nation struggling to roll out a vaccine to contain the pandemic. Prices remain supported by the OPEC+ alliance’s continued production curbs.

To read more about the climbing oil prices, check out Rigzone’s article here.

U.S. Crude Oil Inventory Increases

U.S. commercial crude oil inventories increased by 4.4 million barrels from the previous week. Many think this increase is due to refineries operating at 82.5% of their operable capacity last week. Now at 486.6 million barrels, U.S. crude oil inventories are at 9% above the five year average for this time of year.

To read more about inventory increases, check out Oil and Gas 360’s website here.

Billionaire bets on Oil Industry

According to the Bloomberg Billionaires Index, Carlos Slim is the world’s 21st-richest person with a $57.6 billion fortune. Slim and his family emerged as investors in PBF Energy Inc. and PBF Logistics LP in 2017. In 2020 they invested an additional estimated $70 million, with the bulk of stock acquired even as the shares have slumped. This brings the worth of their accumulated stakes to $230 million.

For more information on the billionaires that are investing in the industry click here.

Reach Out to Tiger General

We hope you found our January oil and gas news roundup helpful. If you need a new piece of equipment fill out the Tiger General Truck Inquiry Form today.

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