• 4 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 7 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 10 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 13 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 1 hour The 5 Scary New Rules Of Upside-Down Capitalism
  • 3 hours U.S. Shale To Break Records Despite Bearish Rhetoric
  • 20 mins Hydrogen Hurdles in Japan
  • 11 hours More dumbed down? re Hong Kong Act of Congress
  • 2 hours Winter Storms Hitting Continental US
  • 3 hours Conoco next gen test wells Vintage 5 (V5) 20% recovery and say " We can do even better "
  • 16 hours U.S. Shale Output may Start Dropping Next Year
  • 3 hours PennEast Appealing Wacky 3rd Circuit Decision to Supreme Court
  • 13 hours Petroleum Industry Domain Names
  • 13 mins Aramco IPO magic trick
  • 3 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 5 hours Impeachment S**te
  • 3 hours Contaminated Oil
  • 17 hours Crazy Stories From Round The World
  • 3 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
Alt Text

Icahn: Occidental Won't Hit Target Without Asset Sale

Activist investor Carl Icahn has…

Alt Text

How Much Oil Does The U.S. Really Own?

The scope of global oil…

Alt Text

The No.1 Oil Hotspot For 2020

While the Middle East gets…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Premium Content

Oil Is Gaining Momentum As Bullish Forces Increase

U.S. West Texas Intermediate oil futures are trading higher early Friday and in a position to post a gain for the week despite the release of a second report calling for a supply glut in 2020. The price action suggests that supply worries are outweighing demand concerns.

Affecting the supply side are a tropical storm in the Gulf of Mexico and heightened tensions in the Middle East. Also helping to generate some upside momentum is another large drawdown in U.S. stockpiles.

Oil Rigs Evacuated Ahead of Storm

Fifteen production platforms and four rigs were evacuated in the north central Gulf of Mexico, according to a U.S. regulator.

According to the latest reports, oil companies in the Gulf of Mexico had cut more than 1 million barrels per day (bpd) of output, or 53% of the region’s production, due to Tropical Storm Barry which could make landfall Saturday on the Louisiana coast.

Iran Creates Disturbance with Britain

Three Iranian vessels tried to block the passage of a British ship run by BP through the Strait of Hormuz, the British government said. They withdrew after warnings from a British warship. Although prices rose in response to the news, apparently the event was anticipated after Iran warned Britain would face “consequences” over the seizure of an Iranian oil tanker.  

U.S. Government Reports Another Big Draw

On Wednesday, the U.S. Energy Information Administration (EIA) reported crude stocks fell…



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play