• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 day "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 3 hours The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 9 hours Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 22 hours Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 3 days Did China cherry-pick the factors that affected the economic slow-down?
  • 2 days Are you aware of Oil Price short videos on our energy topics?
  • 1 day "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 2 days Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 2 days NordStream2

Breaking News:

California Gasoline Prices Are Spiking

Editorial Dept

Editorial Dept

More Info

A Trend Reversal In Oil Markets

The bullish spirit of September has turned sour by the end of October, with both analysts and traders expecting a rather difficult 2019. More often than not one encounters global oil demand downgrades for the next year amid emerging market woes, from an almost universally accepted 1.4-1.5 mbpd we see currently forecasts in the 1.1-1.2 mbpd interval. Iran and ailing Venezuela remain the only major upward pressure factors for the time being.

(Click to enlarge)

As a consequence, Brent prices have continued to fall this week, ending it with a w-o-w decline of 6 percent at $73 per barrel. WTI saw a similar trend, with Friday trading oscilatting around $64 per barrel. Oversupply fears still loom large on the market, however, there is some upward potential, too. Next week might turn things around as the US Administration is alleged to have granted eight countries, including India, South Korea, Japan and China, a waiver to sanctions on Iran to be announced officially on Monday.

1. US Stocks rise on the brink of trend reversal

- US commercial crude stocks continued their build for the sixth week in row, this time rising by 3.2 MMbbl week-on-week to 426 MMbbl, whilst crude oil production hit 11.05 mbpd.
- Almost half of the stock rise is due to a 1.5 MMbbl Strategic Petroleum Reserve draw.
- The crude stock buildup will be further mitigated, if not reversed, in the next few weeks as refineries are brought back onstream following fall maintenance…




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