• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 5 hours COVID 19 May Be Less Deadly Than Flu Study Finds
  • 54 mins So the President is on that Hydroxy
  • 52 mins Russia loses its chance to capture the EU gas market
  • 2 hours 60 mph electric mopeds
  • 3 hours US-China tech competition accelerates: on Friday 05/15 new sanctions on Huawei, on Monday 05/18 Samsung chief visits China
  • 2 hours Why 2030-Isn.t-The-Magic-Year-For-Electric-Vehicles
  • 13 hours Payback Time: Republican Senators turn the tables on Democrats. The difference is the Republican investigations are legit.
  • 3 hours Monetary and Fiscal Policies in Times of Large Debt:
  • 16 hours Iran's first oil tanker has arrived near Venezuela
  • 51 mins Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 6 hours DEFIANCE – There are More of Us Than Them
  • 1 hour Oil Capex Proportions
  • 10 hours Let’s Try This....
The Oil Price War Has Put A $69 Billion Mega Deal At Risk

The Oil Price War Has Put A $69 Billion Mega Deal At Risk

Aramco’s $69 billion deal with…

Is Dieselgate Finally Over?

Is Dieselgate Finally Over?

Five years after Volkswagen’s dieselgate…

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




Oilprice - The No. 1 Source for Oil & Energy News