• 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
  • 3 hours Oil prices going Up? NO!
  • 2 days Could Venezuela become a net oil importer?
  • 5 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 4 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 2 days Gazprom Exports to EU Hit Record
  • 10 hours Oil prices going down
  • 13 hours Could oil demand collapse rapidly? Yup, sure could.
  • 2 days Oil Buyers Club
  • 2 days Why is permian oil "locked in" when refineries abound?
  • 11 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 3 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 10 hours Saudi Arabia turns to solar
  • 2 days EVs Could Help Coal Demand
  • 59 mins Are Electric Vehicles Really Better For The Environment?
  • 1 day Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 12 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
Alt Text

Why OPEC Won't Flood The Oil Market

Saudi Arabia and Russia are…

Alt Text

Venezuela Won’t Have Enough Oil To Export By 2019

GlobalData recently projected that Venezuela’s…

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