• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Does Toyota Know Something That We Don’t?
  • 6 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days America should go after China but it should be done in a wise way.
  • 6 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 5 days China is using Chinese Names of Cities on their Border with Russia.
  • 6 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 5 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 6 days Putin and Xi Bet on the Global South
  • 6 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 7 days United States LNG Exports Reach Third Place
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 11 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Are We Nearing A Trend Reversal For Crude?

June West Texas Intermediate Crude Oil futures is under pressure this week, but in a position to close higher for the week if enough buying comes in to drive the market over $49.62 on the close on Friday. I mention this because this will mean the surprise draw reported by the U.S. Energy Information Administration this week is exerting a positive influence on crude oil prices.

If crude oil prices fail to close higher, then this will indicate that investors believe rising gasoline stocks will have an extended bearish influence on crude oil prices.

On Wednesday, April 26, traders initially drove prices higher from their intraday lows after U.S. data showed refiners used up more crude oil than ever from storage tanks, drawing down stockpiles. However, prices weakened into the close as falling gasoline prices weighed on the crude oil market.

Based on the government report, we can conclude that refineries returned from maintenance season, increased runs to an all-time modern record for crude processing, and turned the crude oil surplus into petroleum products.

The U.S. Energy Information Administration supported this conclusion when it reported that U.S. crude inventories fell 3.6 million barrels last week. The draw was significantly more than analysts and traders were expecting and completely opposite from the nearly 900,000-barrel build reported late Tuesday by the American Petroleum Institute.

The EIA report also showed that refiners processed nearly…




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