• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 12 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Is Europe heading for winter of discontent with extensive gas shortages?
  • 13 hours "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 7 days Wind droughts
  • 20 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 20 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 4 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 3 days Xi Is Set To Be Re-Elected As China’s Leader
  • 8 days Oil Prices Fall After Fed Raises Rates
  • 10 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 13 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Big Money Expects OPEC Deal Next Week

U.S. WTI January Crude Oil futures are trading higher for the week, but the strong upside bias from earlier in the week has slowed considerably as investors express uncertainty over whether OPEC will be able to agree to production cuts at next week’s meeting in Vienna. Due to the thin trading conditions, investors seemed to be a little reluctant to take major positions ahead of Thursday’s U.S. holiday and the long week-end before the official meeting of the cartel.

Nonetheless, despite the mid-week position-squaring, the recent price action suggests that investors are optimistic that a deal will be made. Last week’s major reversal to the upside and this week’s subsequent follow-through rally indicate that some short-sellers have been driven out of the market, perhaps setting the table for a new wave of buyers.

The market is also being supported by a number of key news developments. On Thursday, for example, Azerbaijan Energy Minister Natig Aliyev wrote in a local newspaper that he thinks OPEC will probably propose other producers cut their oil production by 880,000 barrels per day for six-months starting from January 2017.

Russian Energy Minister Alexander Novak said on Thursday that he believes Russia could revise down its 2017 oil production plans if a global output freeze pact comes into force. This plan would effectively cut output by 200,000 to 300,000 barrels per day.

Venezuela’s President Nicholas Maduro said on…




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