• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 4 hours In a Nutshell...
  • 30 mins During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 2 hours Is OilPrice a cover for Green Propganda
  • 6 hours Putin Paid Militants to Kill US Troops
  • 2 hours Why Wind is pitiful for most regions on earth
  • 2 days Victor Davis Hansen on Biden's mental acuity " . . unfit to serve". With 1 out of 5 Democrats admitting it. How many Dem's believe it but will not admit it?
  • 22 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 2 days Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 45 mins Joe Biden to black radio host, " If you don't vote for me you ain't black". That's our Democratic Party nominee ?
  • 23 hours Happy 4th of July!
  • 21 hours Apology Accepted!
  • 2 days The Political Genius of Donald Trump
  • 3 days Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link

Bearish Sentiment Grips Oil Markets

Crude prices have fallen roughly $10 per barrel in the past three weeks, with a 4 percent drop across regional markets this week alone. WTI ended the week at $66 per barrel, whilst Brent slid to $76 per barrel by Friday. The overall market sentiment is increasingly bearish, with Wall Street’s worst week since 2011 sending ripples through European and Asian stock markets. Global trade is also slowing down, with freight rates decreasing after an extensive period of growth.

OPEC has started sending mixed signals, too, with Saudi Energy Minister forecasting that the global oil market would shift to oversupply in Q4 2018 amid high stockpile rates. It seems that OPEC+ is comfortable with a $75-85 per barrel price corridor and will cut short its production ramp-up as soon as necessary.

1. US Oil Stocks Soaring Higher Still Amid Some Product Relief

(Click to enlarge)

- US commercial stocks soared again last week for the fifth consecutive week, as inventories rose w-o-w by a further 6.3 MMbbl.
- In total, commercial stocks have risen to 422 million barrels – not including the US strategic reserve stock which currently comprises 656 million barrels of oil.
- The stock buildup against reasonably stable crude export numbers is a relatively risky development as looming pipeline bottlenecks might obstruct the free flow of exports even further.
- After last week’s 1.8 mbpd median, crude exports bounced back to 2.1 mbpd, roughly…




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