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Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

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How Long Will This Oil Rally Last?

Oil storage

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading higher on Friday and for the week for a number of reasons, mostly affecting the supply side. The markets are being supported primarily by deeper-than-expected OPEC-led production cuts and the impact of U.S.-led sanctions on Venezuelan oil exports. Despite these moves, on a macro level, the global oil market remains well-supplied. Additionally, gains are being limited by weakening global demand.

Production Cuts Supportive

In the meantime, the political rift between Venezuela and the United States continues with the U.S. sanctions against the South American nation giving prices a slight boost.

Trade Deal Optimism

Traders are saying that positive chatter about the on-going high-level U.S-China trade negotiations in Beijing are helping to support prices because an end of the trade dispute should drive up crude oil demand for the world’s second largest economy.

Rising Chinese Imports Supportive

On Thursday, a trade balance report showed China’s crude oil imports in January rose 4.8 percent from a year earlier to an average of 10.03 million barrels per day (bpd). This marked the third straight month that imports have exceeded the 10 million bpd level.

U.S.…





Leave a comment
  • Jim Miceli on February 17 2019 said:
    I seem to think that an Oil Man if he truly is an Oil Man never compromises the Well. Put in a Floor and loose money isn't business. 55.00 out to 60.00 plus.
  • Tim Aldrich on February 18 2019 said:
    Why isn't Wyoming striving in the oil industry?. Seems North Dakota, Texas are two states and the government are oil pushing and Wyoming sits limbo. Lots of oil , coal , uranium in Wyoming

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