• 4 minutes China - EU: Xi Says Cooperation Is Mainstream In Their Ties
  • 8 minutes The Mining Industry Has Had It Easy For Far Too Long
  • 11 minutes Lawsuit-Happy Councilor Wants to Take Big Oil to Court
  • 15 minutes U.S. Shale Output may Start Dropping Next Year
  • 1 hour Dutch Populists Shock the EU with Election Victory
  • 1 hour Trump to Make Allies Pay More to Host US Bases
  • 17 hours Venezuela Says Russian Troops Land to Service Military Equipment
  • 7 hours Multi-well Pad Drilling Cost Question
  • 17 mins Public Companies that attended OPEC "THREAT DINNER" at CERRAWEEK must disclose any risks in their SEC Financial filings.
  • 2 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 17 hours U.S.-China Trade War Poses Biggest Risk To Global Stability
  • 23 mins England Running Out of Water?
  • 22 hours Read: OPEC THREATENED TO KILL US SHALE
  • 1 day One Last Warning For The U.S. Shale Patch
  • 2 days Climate change's fingerprints are on U.S. Midwest floods
  • 1 day European Parliament demands Nord-Stream-ii pipeline to be Stopped
  • 2 days Modular Nuclear Reactors
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Bullish News Fails To Incite Oil Rally

Natural Gas

U.S. West Texas Intermediate crude oil futures are trading slightly lower early Friday after posting three straight days of gains. Even with the small setback, the market is set to finish the week nearly 2 percent higher.

Just about all of the news has been bullish this week. Helping to support prices was a bullish U.S. Energy Information Administration’s weekly inventories report, Saudi Arabia’s halt on transporting crude through a key shipping lane, and the easing of trade tensions between the United States and European Union.

U.S. Energy Information Administration Weekly Inventories Report

Official U.S. data showed U.S. crude oil inventories last week declined more than expected to their lowest level since 2015 as exports climbed and stocks at the Cushing futures hub dropped.

Crude inventories fell 6.1 million barrels in the week-ending July 20, versus analyst expectations for a decrease of 2.3 million barrels, the U.S. Energy Information Administration said on Wednesday.

At 404.9 million barrels, inventories, not including the nation’s emergency petroleum reserve, were at their lowest level since February 2015.

Saudi Arabia Temporarily Halts Shipments

According to reports, Saudi Arabia, the world’s biggest oil exporter, said on Thursday that it was “temporarily halting” all oil shipments through the strategic Red Sea lane of Bab al-Mandeb after an attack on two big oil tankers by Yemen’s…




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