• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 7 hours Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 13 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 hour CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 11 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 4 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 5 days Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 10 hours NordStream2
  • 4 days Modest drop in oil price: SPRs vs US crude inventory build
  • 4 days 2019 - Attack on Saudi Oil Facilities.
  • 4 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 43 mins "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 6 days Ukrainian Maidan after 8 years
  • 6 days Peak oil - demand vs production
Editorial Dept

Editorial Dept

More Info

Bullishness Is Back In The Oil Patch

Friday July 28, 2016

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Saudi exports to the U.S. decline

(Click to enlarge)

- Saudi Arabia has decided to cut oil exports to the U.S. in an effort to accelerate the market balancing.
- U.S. imports of Saudi crude used to routinely top 1 million barrels per day, but since June, the weekly figures have dropped sharply.
- The most recent data shows that U.S. imports of Saudi oil dipped to just 524,000 bpd, the lowest level in seven years.
- The idea is to send less oil to the U.S., which will force drawdowns in inventory levels. The weekly inventory figures have been some of the most important metrics that go into gauging the pace of rebalancing.
- There is also a psychological component. Because data elsewhere around the world is not as transparent as the U.S., by specifically targeting U.S. inventories, Saudi Arabia hopes to spark a more bullish sense in the market that rebalancing is underway.

2. Traders more bullish

(Click to enlarge)

- Hedge funds and other money managers staked out one of the most bearish positions on crude in June, a meltdown of sentiment after the late-May OPEC announcement disappointed.
- But since the…




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