• 3 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 5 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 9 minutes This Battery Uses Up CO2 to Create Energy
  • 12 minutes Shale Oil Fiasco
  • 28 mins Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 1 day We're freezing! Isn't it great? The carbon tax must be working!
  • 2 days US (provocations and tech containment) and Chinese ( restraint and long game) strategies in hegemony conflict
  • 5 hours Let’s take a Historical walk around the Rig
  • 14 hours Trump has changed into a World Leader
  • 15 hours Beijing Must Face Reality That Taiwan is Independent
  • 14 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 14 hours Yesterday POLEXIT started (Poles do not want to leave EU, but Poland made the decisive step towards becoming dictatorship, in breach of accession treaty)
  • 2 days Might be Time for NG Producers to Find New Career
  • 2 days Indonesia Stands Up to China. Will Japan Help?
  • 2 days Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 3 days Anti-Macron Protesters Cut Power Lines, Oil Refineries Already Joined Transport Workers as France Anti-Macron Strikes Hit France Hard
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

A Correction For WTI Is In The Making

Bakken

U.S. West Texas Intermediate crude oil surged to the upside on Monday, setting a bullish tone for the week. The catalysts behind the price action were renewed speculative bets on further strength amid the OPEC-led production cuts and a decline in U.S. drilling activity.

The rally continued throughout the week with the futures contract exceeding highs last seen on November 28, 2014, the day after OPEC’s decision to cut production in an effort to trim the excess global supply and stabilize prices. The catalyst behind this move was another weekly decline in crude oil supply.

According to the U.S. Energy Information Administration, U.S. crude inventories fell 4.9 million barrels last week, more than the 3.9-million decline forecast.

Prices continue to rise on Thursday with WTI crude oil rallying to a multi-year high after the United Arab Emirates’ (UAE) oil minister hinted that an alliance between OPEC and non-OPEC producers, including Russia, could continue in some way beyond their current deal to curb oil output.

UAE Energy and Industry Minister Suhail al-Mazrouei told CNBC on Thursday that the OPEC-led plan to cut production is working so it may be extended beyond the December 2018 deadline.

“I am expecting that this group of countries that stood and have become responsible for helping the market to correct, (that) there is a very good chance that they could stick together and put a shape around that alliance,” al-Mazrouei…




Oilprice - The No. 1 Source for Oil & Energy News