• 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
  • 21 mins America's pandemic dead deserve accountability after Birx disclosure
  • 1 hour Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 2 days Fukushima
  • 20 hours Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 9 hours U.S. Presidential Elections Status - Electoral Votes
  • 29 mins CO2 Mitigation on Earth and Magnesium Civilization on Mars – Just Add Water
  • 2 days Biden about to face first real test. Russia building up military on Ukraine border.
  • 2 days Joe Biden's Presidency
  • 12 hours New Chinese Coal Plants Equal All those in U.S.A
  • 4 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
3 Gold Stocks to Watch This Summer

3 Gold Stocks to Watch This Summer

While demand for gold bullion…

U.S. Rig Count Increases As Oil Prices Hold Above $60

U.S. Rig Count Increases As Oil Prices Hold Above $60

Baker Hughes reported on Friday…

Lithium Prices Could Triple As EV Production Soars

Lithium Prices Could Triple As EV Production Soars

The electric vehicle production boom…

Editorial Dept

Editorial Dept

More Info

Premium Content

A Rare Bullish Tint In Oil Markets

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are in a position to close higher for the week after starting the week with a slightly bearish tone. Helping to underpin prices this week was a surprise decline in U.S. inventories and optimism about more efforts to support prices by OPEC and its allies. Gains were likely capped by gloomy growth forecasts over the outlook for global demand.

Bullish News

At the end of the week, traders continued to react to Wednesday’s government weekly inventory report that showed an unexpected drop in supply.

According to the U.S. Energy Information Administration (EIA), crude inventories fell 1.7 million barrels in the week ended October 18, compared with analysts’ expectations for a 2.2 million barrel build. This was a stark contrast with earlier inventory data released by industry group the American Petroleum Institute (API), which showed a build of 4.5 million barrels in U.S. crude stocks.

The EIA said the drawdown in weekly stocks came as refiners hiked crude runs and oil imports fell, which prodded a jump in both benchmark crude grades on Wednesday.

Traders are betting on OPEC and its allies extending supply curbs to offset the weaker demand outlook in 2020.

Saudi Arabia, OPEC’s de facto leader, wants to focus first on boosting adherence to the group’s production-reduction pact with Russia and other non-members, an alliance known as OPEC+, before…





Leave a comment

Leave a comment




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