• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 6 hours Oil prices going Up? NO!
  • 15 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 14 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 23 mins The Tony Seba report
  • 20 hours Oil prices going down
  • 23 hours Could oil demand collapse rapidly? Yup, sure could.
  • 2 hours Saudi Arabia turns to solar
  • 13 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 2 days Oil Buyers Club
  • 7 hours Kenya Eyes 200+ Oil Wells
  • 7 hours Are Electric Vehicles Really Better For The Environment?
  • 2 days Gazprom Exports to EU Hit Record
  • 2 days Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 22 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 2 days Could Venezuela become a net oil importer?
  • 21 hours Tesla Closing a Dozen Solar Facilities in Nine States
Alt Text

3 Possible Outcomes From The OPEC Meeting

With the OPEC meeting nearing,…

Alt Text

Rig Count Falters Amid Oil Price Correction

The rig count slipped on…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Crude Crumbles On Demand Concerns As NatGas Buyers Fear Supply Squeeze

Natural Gas

U.S. October West Texas Intermediate crude oil posted its steepest monthly loss in more than a year on demand concerns after hurricane damage and floods knocked out a quarter of U.S. refining capacity.

U.S. gasoline futures continued to soar, with prices hitting a two-year high above $2 a gallon, boosted by fears of a fuel shortage just days ahead of the Labor Day weekend that typically brings a surge in driving while marking the end of the U.S. driving season.

In other news, the U.S. Energy Department said it would release 500,000 barrels of crude oil from the Strategic Petroleum Reserve.

The Colonial Pipeline Co, which operates the biggest U.S. fuel transport system, said it would shut its main lines to the Northeast amid outages at pumping points and lack of supply from refiners.

The price action at the end of the week suggests the current steep recovery was a response to a bigger-than-expected sell-off. This likely made the market more attractive to bargain-hunters.

Goldman Sachs is saying they expected U.S. infrastructure outages to last several months but said it was difficult to estimate the exact damage.

Some analysts are saying the negative impact on crude oil demand and oil product supply might be less severe than feared. This is because refineries outside the affected area may delay maintenance to benefit from high processing margins.

Traders have been respecting support and resistance, but the sideways trading range suggests…

To read the full article

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

RegisterLogin

Trending Discussions





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