• 8 minutes U.S. Shale Oil Debt: Deep the Denial
  • 13 minutes WTI @ $75.75, headed for $64 - 67
  • 16 minutes Trump vs. MbS
  • 2 hours Knoema: Crude Oil Price Forecast: 2018, 2019 and Long Term to 2030
  • 2 hours Nuclear Pact/Cold War: Moscow Wants U.S. To Explain Planned Exit From Arms Treaty
  • 3 hours Why I Think Natural Gas is the Logical Future of Energy
  • 3 hours Merkel Aims To Ward Off Diesel Car Ban In Germany
  • 2 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 18 hours Can “Renewables” Dent the World’s need for Electricity?
  • 13 hours Get on Those Bicycles to Save the World
  • 1 day The Dirt on Clean Electric Cars
  • 19 hours Satellite Moons to Replace Streetlamps?!
  • 1 day Owning stocks long-term low risk?
  • 9 hours Long-Awaited Slowdown in China Exports Still Isn’t Happening
  • 21 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 12 hours Can the World Survive without Saudi Oil?
Alt Text

Carbon Pricing Won't Kill Big Oil

Big oil has agreed to…

Alt Text

Are Energy Majors Under Threat From Big Tech?

Audi and Amazon have teamed…

Alt Text

Oil’s $133 Billion Black Market

With oil prices back on…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Is Oil Poised To Rally?

Mixed news drove crude oil prices in both directions this week before traders decided the way of least resistance was up.

On the bullish side, the market was supported by U.S. Energy Information Administration remarks from earlier in the week calling for U.S. crude oil production to rise by less than previously forecast next year due to a lower price outlook.

Weekly U.S. government inventories even fell more than expected.

Saudi Arabia’s threat to reduce exports in August was also seen as a potentially bullish development. Early Thursday, reports of strong demand from China eased concerns of an ongoing fuel supply overhang.

Limiting the upside was rising U.S. production, steady growth in producing oil rigs and increasing production in Libya and Nigeria. Late in the week, the International Energy Agency even warned the oil market could stay oversupplied for longer than expected due to rising production and limited output cuts by some members of OPEC.

Several banks issued bearish forecasts with Goldman Sachs saying prices could fall below $40 if the market doesn’t get a clear catalyst to buy. The catalyst could be further intervention by OPEC or a steady drop in U.S. crude stockpiles and the nation’s rig count, the bank said.

Bullish traders didn’t seem to mind the two-sided trade and as of Thursday’s close, it looked as if they had shrugged off the negative news, choosing instead to let the price action dictate…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





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