• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 15 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 9 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 20 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 8 hours Did China cherry-pick the factors that affected the economic slow-down?
  • 5 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 2 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 3 days Nord Stream - US/German consultations
  • 409 days Class Act: Bet You've Never Seen A President Do This.
  • 5 days An Indian Opinion on What is Going on in China
  • 2 days Forecasts for Natural Gas
  • 2 days Australia sues Neoen for lack of power from its Tesla battery
  • 5 days Storage of gas cylinders
  • 5 days Can Technology Keep Coal Plants Alive and Well?
Editorial Dept

Editorial Dept

More Info

Premium Content

Here’s Why Oil Prices Are Falling Back

U.S. West Texas Intermediate crude oil futures are trading nearly flat on Friday, edging lower shortly after the New York opening as investors attempt to close out a choppy week with a marginal gain.

After surging into a multi-month high at the start of the week on stronger demand expectations, the market is struggling with traders booking profits and moving to the sidelines as higher U.S. crude oil inventories and a strong U.S. Dollar offset recent forecasts calling for supply deficits.

Last week’s rise in U.S. inventories came as production in the Gulf returned close to levels reached before Hurricane Ida struck about a month ago.

Meanwhile, a power crisis and housing market concerns in China, the world’s biggest crude importer and its second-largest consumer behind the United States, is pressuring sentiment and weighing on oil demand. However, late in the week, the market reversed course on reports China was prepared to buy more oil and other energy supplies to help sustain its economic recovery.

Gains Being Capped by Unexpected Rise in US Crude Inventories

The API on Tuesday reported a surprise build in crude oil inventories of 4.127 million barrels for the week ending September 24. Analyst expectations were for a loss of 2.333 million barrels for the week.

The API also reported a build in gasoline inventories of 3.555 million barrels for the same week. Distillate stocks saw an increase in inventories this week of 2.483 million…

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