• 3 minutes China's aggression is changing the nature of sovereignty.
  • 8 minutes Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 11 minutes Europe gas market -how it started how its going
  • 7 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 26 mins Russia, Ukraine and "2022: The Year Ahead"
  • 2 days Amazing!...see article: "Turkmenistan To Close "Gates Of Hell" Gas Fire" by Irina Slav
  • 23 hours Why is oil priced and traded in U.S. dollars?
  • 19 hours Ukrainian Maidan after 8 years
  • 22 hours Russia oil production live month after month starting from November 2021 - official stats from Rosstat agency
  • 2 days Сryptocurrency predictions
Editorial Dept

Editorial Dept

More Info

Premium Content

Fundamentals Are Dominating The Oil Market

Fundamentals rule. The U.S. conflict with Iran and the widespread instability across the Middle East are only registering as blips on the oil market radar. Not even the seizure of an Iranian oil shipment to Syria could move the needle.

Oil prices continue to fall on a series of critical fundamentals:

- US crude production fell for the third week in a row, but the US crude oil inventory draw was uneventful at best.

- Wednesday US govt data shows new orders for factory goods plummeting for the second consecutive month in yet another sign the US economy is weakening.

- On the sanctions front, Venezuela’s exports are actually recovering as it continues to export oil to Asia (mostly China).

- The extension of the OPEC production cut deal earlier in the week had a subdued effect because the market had priced it in ahead of time.

The elephant in this room is definitively the US economy and signs of slowing global demand growth. The EIA, IEA, and OPEC have all revised their own demand growth projections downward, ranging from 1.14-1.2 million bpd for 2019, and 1.4 million bpd in 2020. It’s a big elephant.

Iranian Oil Flows Freely To China. Now It’s Time To Save Face

Sanctions on Iran aren’t working. That much is clear. Chinese ships importing Iranian crude have been monitored by Israeli intelligence (which is keen to keep this conflict brewing) and commercial ship trackers. The trick is to remove radar from the…





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