• 4 minute Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 8 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 15 minutes Oil and Trade War
  • 3 hours Oil prices going down
  • 39 mins Could oil demand collapse rapidly? Yup, sure could.
  • 2 mins Migrants: Italy Wants EU Border Agency In Africa, Not At Sea
  • 7 hours Sabotage at Tesla
  • 37 mins What If Canada Had Wind and Not Oilsands?
  • 1 min Sell out now or hold on?
  • 15 hours Oil and Trade War
  • 15 hours venezuala oil crisis
  • 2 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 18 hours Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 15 hours When will oil demand start declining due to EVs?
  • 17 hours Russia and Saudi Arabia to have a chat on oil during FIFA World Cup - report
  • 3 hours The Irrelevance Of BTU Rating - Big Oil's Gimmick To Hoodwink The Public
  • 3 hours After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
  • 14 hours Germany Orders Daimler to Recall 774,000 Diesel Cars in Europe
  • 11 hours The Wonderful U.S. Oil Trade Deficit with Canada
Alt Text

China’s Oil Demand Could Take A Big Hit

In the last three years…

Alt Text

3 Possible Outcomes From The OPEC Meeting

With the OPEC meeting nearing,…

Alt Text

China Deals Shocking Blow To Solar Industry

China surprised the markets by…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Is This Oil Price Rally Grinding To A Halt?

Oil

U.S West Texas Intermediate and international-benchmark Brent crude oil futures were trading near an 8-week high as of early Friday after posting four straight sessions of higher closes. Support continued to be provided by last week’s huge inventory draw down as reported in Tuesday’s American Petroleum Institute’s report and Wednesday’s U.S. Energy Information Administration’s inventories report. Buyers also like Saudi Arabia’s plan to cut exports. 

Late Tuesday, industry group the American Petroleum Institute reported U.S. crude stockpiles fell by 10.2 million barrels the week-ending July 21. This helped provide support early in the session.

On Wednesday, the U.S. Energy Information Administration reported a 7.2 million barrel drop in inventories last week. Investors were looking for a 3.3 million barrel draw. The draw was the fourth consecutive drop, indicating a trend and giving support to the market.

Gasoline inventories fell by 1 million barrels. Analysts were looking for a 614,000-barrel drop. Distillate stockpiles declined by 1.9 million barrels, versus expectations for a 453,000-barrel drawdown.

Rebalancing Theory

Bullish investors are supporting the market because they believe the long-awaited rebalancing is taking place in the oil market and at a much faster pace than expected. They are basing on the rally on Saudi Arabia’s decision to limit oil exports to 6.6 million barrels per day (bpd)…

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