• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 days The United States produced more crude oil than any nation, at any time.
  • 10 days e-truck insanity
  • 9 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days How Far Have We Really Gotten With Alternative Energy
  • 8 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 9 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 10 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
U.S. Drilling Activity Continues to Drop Off

U.S. Drilling Activity Continues to Drop Off

The total number of active…

Iraq Has No Intention of Restarting Kurdish Oil Pipeline

Iraq Has No Intention of Restarting Kurdish Oil Pipeline

Baghdad is repairing the Kirkuk-Ceyhan…

Editorial Dept

Editorial Dept

More Info

Premium Content

Fundamental Forces Clash In Turbulent Oil Market


U.S. West Texas Intermediate crude oil futures are trading slightly higher on Friday but are still in a position to post its first weekly loss in three weeks as mixed fundamentals continue to control the price action.

Bullish traders are pinning their hopes for higher prices on dwindling fuel supplies for Russia, while bearish traders are betting aggressive central bank interest rate hikes to combat out of control inflation and China’s COVID lockdowns will slow global growth and demand.

Meanwhile, an International Energy Agency (IEA) report on Thursday highlighted the dueling factors in the market, saying rising oil production in the Middle East and the United States and a slowdown in demand growth are “expected to fend off an acute supply deficit amid a worsening Russian supply disruption.”

Additionally, while most of the focus this week was on the European Union’s haggling over an embargo on Russian oil, the latest figures on U.S. inventories underscored the dynamics pushing prices higher.

Factors Affecting Supply

EIA Trims US Crude Production Forecasts

On the supply side, the EIA trimmed its U.S. crude production forecasts for 2022 and 2023. It now expects output in 2022 to average 11.9 million barrels per day (bpd) compared with its previous estimate of 12 bpd.

U.S. crude output is expected to rise 940,000 bpd to 12.85 million bpd in 2023, according to the same monthly report from the EIA. U.S. total petroleum…

Leave a comment

Leave a comment

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