• 3 minutes Shale Oil Fiasco
  • 7 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 12 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 16 minutes Global Debt Worries. How Will This End?
  • 14 mins americavchina.com
  • 1 min Greta named Time Magazine "Person of the Year"
  • 2 mins DUMB IT DOWN-IMPEACHMENT
  • 5 hours Emissions Soar as Flaring Frenzy Breaks New Records
  • 17 hours Tories on course to win majority
  • 18 hours Winter Storms Hitting Continental US
  • 9 hours Aramco Raises $25.6B in World's Biggest IPO
  • 2 hours POTUS Trump signs the HK Bill
  • 16 hours WTO is effectively neutered. Trump *already* won the trade war against China and WTO is helpless to intervene
  • 21 hours 2nd Annual Great Oil Price Prediction Challenge of 2019
Alt Text

Deal Or No Deal: Will The Oil Rally Continue?

U.S. West Texas Intermediate crude…

Alt Text

Why Exxon’s Stock Could Hit $100 In 2020

Oil and gas giant ExxonMobil…

Alt Text

Are Energy Stocks Hot Again?

The ill-performing energy sector could…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Premium Content

Flurry Of Bearish News Sends Oil Lower

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading lower on Friday, threatening to erase this week’s gains just one day after the markets hit a four-month high. The price action is being driven by uncertainty over domestic and global economic growth on future demand. Despite the worries, the market continues to be supported by the OPEC-led supply cuts and the U.S. sanctions against Iran and Venezuela.

On Thursday, both WTI and Brent crude oil hit new highs for the year, but both showed little follow-through to the upside when they took out the previous day’s high. In fact, both closed lower which indicated the selling may be greater than the buying at current price levels. The price action also suggested investors aren’t willing to buy strength at current levels.

When investors aren’t confident enough to buy strength, it usually means they are waiting for a catalyst. They have probably grown tired of the narrative about the “OPEC-led production cuts underpinning the market” and would probably like to hear some positive news about the progress of U.S.-China trade talks.

Until they get this news, we’re likely going to see a lot of “backing and filling” on the charts as bullish investors are becoming more cautious about chasing the market higher and would most likely prefer to buy on breaks rather than on strength.

Renewed Concerns Over Demand

Worries…



Leave a comment
  • Tripp Mills on March 24 2019 said:
    Bearish news??? IM SO SURE!

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play