• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 1 day Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 1 day America's pandemic dead deserve accountability after Birx disclosure
  • 39 mins Biden about to face first real test. Russia building up military on Ukraine border.
  • 3 hours The coming Cyber Attack
  • 3 days Trump punches back at Fauci and Birx's revisionist history (aka lies)
  • 1 hour Fukushima
  • 2 days U.S. and Chinese investors to buy Saudi pipelines , $10 Billion deal.
  • 2 days Create a new law "Postericide" to prosecute and imprison Climate Change "Deniers"
  • 7 hours New Chinese Coal Plants Equal All those in U.S.A
  • 14 hours Does .001 of Atmosphere Control Earth's Climate?!
  • 4 days Goldman Betting on Cryptocurrencies
  • 1 day NG spot prices hit triple digits for weekend delivery
  • 6 days New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2
Italian Oil Heiress Arrested In Major Mafia Bust

Italian Oil Heiress Arrested In Major Mafia Bust

Italian anti-mafia police and finance…

Tesla’s Biggest Competitor Is Ditching Nickel And Cobalt

Tesla’s Biggest Competitor Is Ditching Nickel And Cobalt

The world’s second-largest electric vehicle…

The Oil Industry Receives An Unexpected Boost From Biden

The Oil Industry Receives An Unexpected Boost From Biden

President Biden has been accused…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Bullish Sentiment Is Back In Oil Markets

Crude oil extended a five-day winning streak today as signals from OPEC officials suggest that the oil production cut deal agreed last December could be extended further.

A ministerial reshuffle in Riyadh also helped: on Sunday King Salman appointed his son Abdulaziz the new energy minister of the country, ousting Khalid al-Falih, who had led the Saudi energy ministry since 2016. While the move could have caused anxiety in trading circles, pressuring prices, assurances that Abdulaziz bin Salman would stay on the current course with regard to production seemed to have appeased the market.

Brent crude hit a high of $63.10 yesterday before retreating somewhat today in Asian trade, and West Texas Intermediate peaked at $58.36 on Monday. At the time of writing, Brent was trading at $62.79 a barrel, with WTI at $58.08. Related: The Biggest Tech Play Of The Year Is Flying Under Wall Street’s Radar

The American Petroleum Institute is reporting weekly oil inventory estimates today and if it is in its now habitual surprising mode it could push prices further up. Last week, the API reported an unexpected inventory build, which was rejected by the Energy Information Administration a day later but temporarily added pressure to prices.

OPEC and its partners are meeting on Thursday to discuss the next steps in the supply control deal. While many expect an extension to the cuts, some have gone further, expecting also additional cuts. That’s despite the fact that involuntary production slumps in Venezuela and Iran have failed to have any effect on prices while bringing OPEC’s compliance with the cuts well above 100 percent.

The main headwind for prices, however, remains. The U.S. and China are far from a trade deal despite positive signals from both sides about their willingness to settle their differences. Until this trade war finds a resolution, prices will have a pretty limited space for growth, whatever OPEC+ decides to do.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




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