• 4 minutes Permian in for Prosperous and Bright Future
  • 7 minutes Amount of Oil Usage in the United States
  • 10 minutes America Could Go Fully Electric Right Now
  • 43 mins Something wicked this way comes
  • 55 mins Why NG falling n crude up?
  • 6 hours US after 4 more years of Trump?
  • 1 day Famine, Economic Collapse of China on the Horizon?
  • 2 days Oil giants partner with environmental group to track Permian Basin's methane emissions
  • 2 days .
  • 23 hours Top HHS official takes leave of absence after Facebook rant about CDC conspiracies
  • 1 day Nord Stream 2 Halt Possible Over Navalny Poisoning
  • 3 days The Perfect Solution To Remove Conflict Problems In The South China East Asia Sea
  • 6 mins Ten Years of Plunging Solar Prices
  • 1 day .
The Electrification Of UK Offshore Oil & Gas

The Electrification Of UK Offshore Oil & Gas

Electrification of oil and gas…

The Tipping Point For Mass EV Adoption

The Tipping Point For Mass EV Adoption

Automakers and industry experts believe…

Editorial Dept

Editorial Dept

More Info

Premium Content

A Trump Tweet To Ignore

Beware the Tweet. It will prop up oil prices temporarily by alluding to imminent disaster in the Middle East, where disaster is and always has been imminent. But it has no legs. 

The boost oil prices received on Thursday, to bring them safely out of negative territory and into the $20 fold, will be fleeting without anything short of an actual war. The price boost was the result of a Tweet in which Trump vowed to shoot down Iranian gunboats if they attempted to harass the U.S. Navy again, in response to an incident last week. We’ve seen these sudden - and temporary - price increases before on far more tangible Middle East unrest.

Reeling from negative oil prices, oil sentiment is looking for absolutely anything to latch onto, so even a short-term price bump looks good in the absence of anything else.  

The thing to watch, though, isn’t Iran. It’s the June WTI futures contract, which expires on May 19th. The prices are holding steady for now - under the new normal - largely in line with spot prices for WTI. Vacuous price forecasts for WTI now range anywhere from -$100 to $100 per barrel. 

Several developments to watch this coming week include a possible U.S. ban on imported Saudi oil, the Texas Railroad Commission’s vote on whether to implement production cuts for Texas oil producers, government funds for the oil industry, and OPEC’s potential additional production cuts beyond the current agreement. 

These…





Leave a comment

Leave a comment




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