• 5 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 7 days Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 31 mins Most ridiculous green proposal
  • 12 hours China Sets Its Sights On Global [EV, AI, CRISPR, Fusion, Navel Lint Collector] Dominance
  • 4 hours Rethinking election outcomes for oil.
  • 3 hours Video Evidence that the CCP controls Joe Biden
  • 1 day The Leslie Stahl/60 Minutes Interview with President Trump
  • 5 hours The City of Sturgis Update on the Motorcycle Rally held there, and the MSM's reporting hence
  • 10 hours P@A will cost Texas Taxpayers $117 Billion.
  • 9 hours Republicans Have Become the Party of Hate
  • 23 mins The Green Hydrogen Problem That No One Is Talking About
  • 2 days Even Obama can't muster a crowd to support Biden.
  • 10 hours Australia’s Commodities Heartland Set for Major Hydrogen Plant
  • 1 day WallStreet Journal editorial " . . Big Tech-Media are the propaganda arm of Democrat Party leading to one party autocratic rule. " This is the State of the Union.
  • 1 day Permian in for Prosperous and Bright Future
  • 1 day Clean Energy Is Canceling Gas Plants
  • 2 days Saudi Oil Minister Abdulaziz said getting rid of oil "Far Fetched and Unrealistic". . True. . . but
  • 1 day Vote Biden for Higher Oil Prices
Editorial Dept

Editorial Dept

More Info

Premium Content

Is Oil Due For A Correction?

Crude oil prices are expected to finish the week higher, but the price action late in the week suggests the market may be getting a little top heavy. Early in the week, crude oil surged to a five-month high and continues to hover around these levels, however, new concerns over future demand have slowed down the upside momentum on the daily chart.

Weekly Recap

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading higher on Friday, helped by better-than-expected trade balance data from China, which dampened concerns over a global economic slowdown. Prices also continue to be supported by the on-going OPEC-led supply cuts and the U.S. sanctions against Iran and Venezuela, which have helped tighten global supplies.

Prices plunged on Thursday as traders continued to react to rising U.S. inventories. The price action, however, suggests the selling may have been fueled by technical factors.

Earlier this week, the Energy Information Administration reported that U.S. crude inventories rose to their highest level since November 2017. Additionally, U.S. crude output remained at a record 12.2 million barrels per day. However, U.S. gasoline stocks fell by a whopping 7.7 million barrels last week. This was more than enough to offset the crude oil build.

At the same time, the International Energy Agency (IEA) reported that OPEC production fell 550,000 bpd. The IEA also said that U.S. sanctions and power outages pushed OPEC…





Leave a comment

Leave a comment




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