• 4 minutes Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 9 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 17 minutes Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 5 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 2 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 20 hours Corruption On The Top: Netanyahu's Wife Charged With Misuse of Public Funds for Meals
  • 9 hours Saudi Arabia turns to solar
  • 6 hours Why is permian oil "locked in" when refineries abound?
  • 2 hours Could Venezuela become a net oil importer?
  • 13 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 9 hours Teapots Cut U.S. Oil Shipments
  • 8 hours Oil prices going down
  • 9 hours Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
  • 1 day "The Gasoline Car Is a Car With a Future"
  • 1 day Sell out now or hold on?
  • 24 hours What If Canada Had Wind and Not Oilsands?
  • 22 hours U.S. Withdraws From U.N. Human Rights Council
  • 10 hours Putin Says 'Fierce' U.S. Politics Hindering Summit With Trump
  • 19 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
Alt Text

Oil Markets Turn Bearish Ahead Of OPEC Meeting

Oil prices fell on Tuesday…

Alt Text

Rig Count Falters Amid Oil Price Correction

The rig count slipped on…

Alt Text

Is Russia Bailing On The OPEC Deal?

Russia, the world’s largest oil…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Are Crude Inventories On The Cusp Of Decline?

Barrels

The strong performance on Thursday has put crude oil in a position to finish the week at a three-week high. The week began with the market being underpinned by reports that OPEC and non-OPEC members had gathered in Kuwait last weekend to discuss the possibility of extending the program to reduce output.

Later in the week, the rally began to pick up more support after Libya reported supply disruptions. The short-covering rally continued on Wednesday after the U.S. Energy Information Administration (EIA) reported an inventory build that was smaller than expected.

Oil prices surged for a third day on Thursday after reports surfaced that Kuwait gave its backing for an extension of OPEC production cuts. Speculators are also betting that Saudi Arabia will roll over its production cuts for another six months starting in July.

Later in the week, there were also reports that Russia may be gradually reducing production, bringing it closer to the 300,000 barrel per day output cuts that it had promised.

Fresh data from the U.S. Energy Information Administration (EIA) showed crude oil inventories rose 867,000 barrels in the week-ending March 24. This figure was nearly half of the 1.2 million barrel build that was expected. Traders attributed the lower build to ramped up processing by refineries after seasonal maintenance. Additionally, imports dropped and exports rose.

Fears of oversupply will continue to hang over the market but this week’s news is…

To read the full article

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

RegisterLogin

Trending Discussions





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