• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 46 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days If hydrogen is the answer, you're asking the wrong question
  • 19 hours How Far Have We Really Gotten With Alternative Energy
  • 11 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Breaking News:

Oil Prices Gain 2% on Tightening Supply

Editorial Dept

Editorial Dept

More Info

Bullishness Is Back In The Oil Patch

Shale

Friday July 28, 2016

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Saudi exports to the U.S. decline

(Click to enlarge)

- Saudi Arabia has decided to cut oil exports to the U.S. in an effort to accelerate the market balancing.
- U.S. imports of Saudi crude used to routinely top 1 million barrels per day, but since June, the weekly figures have dropped sharply.
- The most recent data shows that U.S. imports of Saudi oil dipped to just 524,000 bpd, the lowest level in seven years.
- The idea is to send less oil to the U.S., which will force drawdowns in inventory levels. The weekly inventory figures have been some of the most important metrics that go into gauging the pace of rebalancing.
- There is also a psychological component. Because data elsewhere around the world is not as transparent as the U.S., by specifically targeting U.S. inventories, Saudi Arabia hopes to spark a more bullish sense in the market that rebalancing is underway.

2. Traders more bullish

(Click to enlarge)

- Hedge funds and other money managers staked out one of the most bearish positions on crude in June, a meltdown of sentiment after the late-May OPEC announcement disappointed.
- But since the…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News