• 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
  • 12 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Does Toyota Know Something That We Don’t?
  • 7 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 4 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 hours America should go after China but it should be done in a wise way.
  • 6 days China is using Chinese Names of Cities on their Border with Russia.
  • 7 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 7 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 6 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 7 days Putin and Xi Bet on the Global South
  • 7 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 8 days United States LNG Exports Reach Third Place
  • 8 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Editorial Dept

Editorial Dept

More Info

Oil Arbitrage Economics: Heavy Crudes Get Pricier

Unascertainable times we are having on the global oil market. The struggle for Venezuela, with all its twists and turns, should be looming large as pretty much everyone tries to find out whether the Latin American country can avoid an upstream collapse and reroute its cargoes towards Asia. Yet the Venezuelan impact has so far been rather modest and crude prices have actually fallen between Monday and Wednesday.

Thus, despite some genuine bullish potential out there, Russia’s slow compliance with its OPEC/OPEC+ commitments (so far it has only cut 47kbpd from the 228kbpd it had promised in December), the rise of US crude stocks and worries about global economic growth have outweighed other factors.

(Click to enlarge)

On Wednesday afternoon Brent has traded at 61.8 USD per barrel, sliding 1 percent compared to Tuesday closing, whilst WTI crude has dropped 2 percent day-to-day to 53.5 USD per barrel.

1. US Stocks Grow Further

• US commercial crude stocks have risen by 0.919 MMbbl to 445.9 MMbbl during the week ended January 25 and are expected to grow even further for the week ended February 01.
• Most analysts estimate last week’s increase will be somewhere within the 1.5-2.5 MMbbl interval, with API putting forward the most ambitious build of 2.5 MMBbl.
• The week ended January 25 market the first gasoline stock drop following eight consecutive weeks of growth, dropping by 2.2MMbbl to 257.4…




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