• 4 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 7 minutes Oil prices forecast
  • 11 minutes Algorithms Taking Over Oil Fields
  • 14 mintues NIGERIAN CRUDE OIL
  • 7 hours UK, Stay in EU, Says Tusk
  • 4 hours Socialists want to exorcise the O&G demon by 2030
  • 7 hours Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 1 hour Nuclear Power Can Be Green – But At A Price
  • 4 hours Venezuela continues to sink in misery
  • 17 hours German Carmakers Warning: Hard Brexit Would Be "Fatal"
  • 2 hours Chevron to Boost Spend on Quick-Return Projects
  • 5 hours What will Saudi Arabia say? Booming Qatar-Turkey Trade To Hit $2 bn For 2018
  • 2 hours Maritime Act of 2020 and pending carbon tax effects
  • 19 hours WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
  • 17 hours How Is Greenland Dealing With Climate Change?
  • 1 day Solid-State Batteries
  • 20 hours Trump inclined to declare national emergency if talks continue to stall - Twitter hides this as "sensitive material"
  • 1 day Orphan Wells
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…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin



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