• 4 minutes Some Good News on Climate Change Maybe
  • 7 minutes Cuba Charges U.S. Moving Special Forces, Preparing Venezuelan Intervention
  • 12 minutes Washington Eyes Crackdown On OPEC
  • 15 minutes Solar and Wind Will Not "Save" the Climate
  • 37 mins Why Trump will win the wall fight
  • 4 hours Prospective Cause of Little Ice Age
  • 7 hours L.A. Mayor Ditches Gas Plant Plans
  • 6 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 30 mins is climate change a hoax? $2 Trillion/year worth of programs intended to be handed out by politicians and bureaucrats?
  • 8 hours students walk out of school in protest of climate change
  • 8 hours Maduro Asks OPEC For Help Against U.S. Sanctions
  • 2 days Most Wanted Man In Latin America For AP Agency: Maduro Reveals Secret Meetings With US Envoy
  • 24 hours Ford In Big Trouble: Three Recalls In North America
  • 2 hours And for the final post in this series of 3: we’ll have a look at the Decline Rates in the Permian
  • 24 hours Why Is Japan Not a Leader in Renewables?
  • 8 hours IT IS FINISHED. OPEC Victorious
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…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin



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