• 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
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 7 hours The United States produced more crude oil than any nation, at any time.
  • 1 day China deletes leaked stats showing plunging birth rate for 2023
  • 10 hours The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Bad news for e-cars keeps coming
U.S. LNG Shipped to Asia Is Still Cleaner Than Coal

U.S. LNG Shipped to Asia Is Still Cleaner Than Coal

Rystad Energy's research reveals that…

Chinese EV Makers Unfazed by Western Tariffs

Chinese EV Makers Unfazed by Western Tariffs

China's booming EV industry poses…

Editorial Dept

Editorial Dept

More Info

Premium Content

3 Factors That Could Drive Oil Prices Higher

Oil prices

U.S. West Texas Intermediate crude oil futures are trading nearly flat after posting a volatile two-sided trade throughout the week. Underpinning prices were concerns over tightening supply that offset the destructive impact of uncertain demand, and the news that the United States will release more crude from its Strategic Petroleum Reserve (SPR).

For bullish traders, the focus should be on tightening supply. The factors influencing this narrative are the OPEC+ production cuts, the EU embargo on Russian energy products, and falling U.S. stockpiles. All of these factors appear to be weighing on worries over recession-driven demand destruction and the release of SPR crude.

Increased Supply from SPR Release Capping Gains

On Tuesday, WTI fell by 3.1% and Brent by 1.7% to their lowest levels in two weeks on reports of U.S. President Joe Biden’s plans to release more barrels from the Strategic Petroleum Reserve (SPR).

This is probably Biden’s last chance to drive down crude oil and gasoline prices before the November elections, but it’s probably only a short-term solution since the upcoming EU embargo is expected to tighten supply. Lower output from OPEC+ is also expected to increase supply.

In December, the administration plans to sell 15 million barrels of oil from its reserves, the final tranche of the 180 million barrels release announced earlier this year, a senior U.S. official said.

More Demand May Be Coming

Besides the upcoming Russian…





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