• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 2 hours U.S. Shale Oil Debt: Deep the Denial
  • 4 hours Satellite Moons to Replace Streetlamps?!
  • 2 days EU to Splash Billions on Battery Factories
  • 20 hours The Dirt on Clean Electric Cars
  • 3 days US top CEO's are spending their own money on the midterm elections
  • 7 hours Why I Think Natural Gas is the Logical Future of Energy
  • 17 hours Owning stocks long-term low risk?
  • 3 hours Can “Renewables” Dent the World’s need for Electricity?
  • 2 days The Balkans Are Coming Apart at the Seams Again
  • 2 days 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 3 days A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 1 day The end of "King Coal" in the Wales
  • 6 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
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