• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 hours Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
  • 2 days "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
  • 51 mins The World Economic Forum (WEF) - Davos 2022 Conference held this last week of May
  • 2 days Advancing Fundamental Drilling Science - Geothermal drilling successes offer potential gain for petroleum industry
  • 4 days What China is Learning from Russia's War in Ukraine and its Consequences

Breaking News:

EU Discussing Israeli LNG Imports

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Crude Oil Setting Up For Top And Two-Week Correction

July crude oil futures crossed to the strong side of $50.00 per barrel on May 26, but traders apparently didn’t like the view since the market settled twenty-five cents lower. Early in the session, one headline read, “Crude Oil Tops $50 as Supply Worries Subside”. Later in the day after prices weakened, the headline read, “US Oil Settles Under $50 as Supply Worries Resurface”. So I have to conclude that $50 is the magic number that separates the bulls from the bears.

Longer-term traders cite the global supply glut as one reason why prices are unsustainable over $50.”At 537.1 million barrels, U.S. crude oil inventories are at historically high levels for this time of year,” the Energy Information Administration (EIA) said in its weekly status report.

This week’s U.S. Energy Information Administration’s weekly inventories report was somewhat bullish as U.S. crude supplies fell 4.2 million barrels, more than the 1.7 million barrel estimate. Gasoline supplies, rose however.

The EIA report also showed that domestic oil production in the lower 48 states fell by 20,000 barrels a day to 8.265 million barrels a day.

Fifty dollars a barrel has long been thought of as the price that would entice producers to restart closed rigs. We may have seen evidence that we are close to this happening. On May 20, Baker Hughes released its weekly U.S. crude oil rig count. It was unchanged at 318 rigs for the week ended…




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