• 4 minutes China goes against US natural gas
  • 12 minutes WTI @ 67.50, charts show $62.50 next
  • 15 minutes Saudi Fund Wants to Take Tesla Private?
  • 3 hours Downloadable 3D Printed Gun Designs, Yay or Nay?
  • 4 hours Rattling With Weapons: Iran Must Develop Military To Guard Against Other Powers
  • 10 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 4 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 7 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 14 hours The EU Loses The Principles On Which It Was Built
  • 11 hours CO2 Emissions Hit 67-Year Low In USA, As Rest-Of-World Rises
  • 5 hours Corporations Are Buying More Renewables Than Ever
  • 19 hours Starvation, horror in Venezuela
  • 23 hours Is NAFTA dead? Or near breakthrough?
  • 24 hours China still to keep Iran oil flowing amid U.S. sanctions
  • 23 hours Are Trump's steel tariffs working? Seems they are!
  • 21 hours How To Explain 'Truth Isn't Truth' Comment of Rudy Giuliani?
Alt Text

Is Mexico Set To Boost Oil Output?

Mexico’s president-elect is determined to…

Alt Text

Trade War May Push China To Russian Energy

As trade war tensions heat…

Alt Text

Saudi Investment Fund Eyes Tesla Rival

Saudi Arabia’s wealth fund PIF…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Expect Choppy Oil Markets Ahead Of The OPEC Meeting

U.S. West Texas Intermediate crude oil futures are trading higher early Friday, putting the market in a position to close higher for the week. While this chart pattern isn’t enough to change the main trend to up, it is a sign that the buying is greater than the selling at current price levels.

Crude oil prices have been supported this week by supply issues in Venezuela, where state-owned oil firm PDVSA is struggling to clear a backlog of around 24 million barrels of crude waiting to be shipped to customers.

The situation got so bad earlier in the week that the government threatened force majeure that would have effectively cancelled all future delivery contracts. This would have reduced supply in the open market and driven prices higher.

Despite the developing strength in the market, which is likely the result of aggressive short-covering, there are still the major issues of increasing U.S. production and the possibility of increased output from OPEC and other major non-OPEC producers.

OPEC and Russia are due to meet at the organization’s headquarters in Vienna on June 22 to discuss production policy.

Fundamental Analysis

Crude oil was also underpinned late Tuesday by the American Petroleum Institute’s weekly inventories report that showed a larger-than-expected drawdown.

However, prices dropped sharply from intraday highs on Wednesday after the U.S. Energy Information Administration reported another rise in U.S.…

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