X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

  • 4 minutes IMPORTANT ARTICLE BY OILPRICE.COM EDITOR - "Naked Short Selling: The Truth Is Much Worse Than You Have Been Told"
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 1 hour Texas forced to have rolling black outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 1 day Wednesday Nikki Haley reached out to Trump for meeting at Mar-a-lago. Trump said No ! You blew it Nikki . . .
  • 1 day NYT:  The Supreme Court’s order (Re:  Trump’s tax returns) set in motion a series of events that could lead to the startling possibility of a criminal trial of a former U.S. president
  • 10 mins Retired RAF pilot wins legal challenge over a wind farm
  • 11 hours Speaker Pelosi, "Tear Down This Wall"
  • 11 hours Disaster looming in UK offshore wind power
  • 11 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 8 hours Minerals, Mining and Industrial Ecology
  • 3 hours U.S. Presidential Elections Status - Electoral Votes
  • 10 hours Chance for (Saudi)Arabian peninsula having giant onshore Gas too?
  • 10 hours The latest GOP nonsense on Texas shows us the future Republicans want
  • 13 hours Pipeline vs Train vs Ship to Transport Crude Oil.

Bearish News Piles Up As Driving Season Kicks Off

The past week was one of the weakest for crude markets this year – virtually everything combined together to create a highly powerful downward momentum. The oil market worries about the state of global trade were aggravated by the nearing prospect of Chinese retaliatory tariffs entering into vigor on June 01, whilst President Trump threatened Mexico with a set of new restrictive measures, adding to the overwhelmingly negative market sentiment. Add to this Russia’s alleged reluctance to extend the OPEC+ production cuts as the country is waking up from its spring field maintenance season and you get a sense of why crude futures fell to their lowest since February 2019.

The overall market sentiment was eased somewhat Tuesday afternoon by the prospect of China and the US assuaging the tonality of mutual denunciations, as well as hopes that the Federal Reserve may cut interest rates, bringing global benchmark Brent prices in the 61.8-62 USD per barrel interval, whilst WTI traded around 53-53.2 USD per barrel.

1. Saudi Aramco Hikes Asian Prices, Drops Rest

- The Saudi state oil company Saudi Aramco hiked all its Asia-bound July-loading cargoes to unprecedented levels, riding high on the wave of crude dearth in Asia.

- The Arab Light OSP at +2.7 USD per barrel against the Oman/Dubai average is the highest in more than 5 years, whilst the July OSPs for Arab Heavy and Medium are the highest in more than 7 years.

- Saudi…




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