• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 3 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 13 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 8 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 6 hours Did China cherry-pick the factors that affected the economic slow-down?
  • 2 hours Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 5 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 3 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 3 days Nord Stream - US/German consultations
  • 5 days An Indian Opinion on What is Going on in China
  • 409 days Class Act: Bet You've Never Seen A President Do This.
  • 3 days Australia sues Neoen for lack of power from its Tesla battery
  • 2 days Forecasts for Natural Gas
  • 5 days Storage of gas cylinders
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Premium Content

Bullish News Underpins Oil

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading higher on Friday and are in a position to close higher for the week. Both futures contracts are also trading at their highest levels since December 19.

The markets are being boosted by optimism over the announcement of higher-level trade talks between the United States and China on January 7-8. Traders said the markets are also being underpinned by the start of the OPEC-led supply cuts on January 1.

A stronger-than-expected U.S. Non-Farm Payrolls report is also driving stocks higher, which is helping to generate further support for risky commodities like crude oil.

Higher Level Trade Talks

Prices firmed on Friday after China’s commerce ministry said that it would hold vice-ministerial level trade talks with U.S. counterparts in Beijing on January 7-8. Given the recent string of weak economic data from both countries, it seems there would be a sense of urgency to reach an agreement before there is a global recession.

OPEC Production Cuts

OPEC and its allies including Russia, agreed in December to reduce output by 1.2 million barrels per day (bpd) in 2019 versus October 2018 levels. This is supposed to trim the excessive global supply and stabilize prices. However, it’s going to take time. Traders feel that if OPEC can stay true to the deal, the global supply glut could be cleaned up within 3 to 4 months.

Reuters reported on Thursday…





Leave a comment

Leave a comment




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