• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 6 hours The Discount Airline Model Is Coming for Europe’s Railways
  • 12 hours Pakistan: "Heart" Of Terrorism and Global Threat
  • 1 day Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 33 mins Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 hours Saudi Fund Wants to Take Tesla Private?
  • 14 mins Venezuela set to raise gasoline prices to international levels.
  • 1 day Batteries Could Be a Small Dotcom-Style Bubble
  • 21 hours Starvation, horror in Venezuela
  • 1 day France Will Close All Coal Fired Power Stations By 2021
  • 1 day Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 4 hours Corporations Are Buying More Renewables Than Ever
  • 12 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 20 hours WTI @ 69.33 headed for $70s - $80s end of August
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Crude Oil Futures See Increased Selling Pressure

May Crude Oil futures broke sharply on Wednesday after the release of a bearish U.S. inventories report. The market was already under pressure ahead of the Energy Information Administration’s weekly report because of Tuesday’s weaker-than-expected American Petroleum Institute report and the stronger U.S. Dollar.

Both inventory reports reignited concerns about supply exceeding demand. With net supply still growing, many traders are starting to believe that the current nine week rally is unsustainable.

The American Petroleum Institute (API), an industry group, said in a report after Tuesday’s oil market settlement that U.S. crude stockpiles rose 8.8 million barrels last week to reach a record high of 531.8 million.

The stockpile growth reported by the API was 5.7 million higher than estimates from analysts polled by Reuters.

According to the U.S. Energy Information administration, U.S. crude stocks rose by 9.4 million barrels the week-ended March 18 to a record total of 532.5 million barrels. Traders were looking for an increase of only 2.5 million barrels.

Offsetting the crude oil build was a 4.6 million barrel decline in gasoline inventories. Weekly production ticked down by about 30,000 barrels per day, the EIA said.

The bearish report from the EIA could be the tipping point for crude oil futures as investors are getting anxious to book profits after the recent large run-up. Crude oil prices are up more than 50% over the…

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