• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 14 hours Fukushima
  • 2 days America's pandemic dead deserve accountability after Birx disclosure
  • 19 hours Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 13 mins U.S. Presidential Elections Status - Electoral Votes
  • 2 days CO2 Mitigation on Earth and Magnesium Civilization on Mars – Just Add Water
  • 1 hour Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 12 hours Biden about to face first real test. Russia building up military on Ukraine border.
  • 15 hours Joe Biden's Presidency
  • 1 day New Chinese Coal Plants Equal All those in U.S.A
  • 4 days Does .001 of Atmosphere Control Earth's Climate?!
  • 3 days Oh the Dems!!! They cheer for helping people while stabbing them in the back!!! Enbridge asks Canadian government to support oil pipeline in dispute with Michigan
  • 4 days The coming Cyber Attack
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