• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 11 days Does Toyota Know Something That We Don’t?
  • 5 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 5 days America should go after China but it should be done in a wise way.
  • 8 hours World could get rid of Putin and Russia but nobody is bold enough
  • 6 hours How Far Have We Really Gotten With Alternative Energy
  • 13 days China is using Chinese Names of Cities on their Border with Russia.
  • 1 day The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 2 days Even Shell Agrees with Climate Change!
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 13 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population

Breaking News:

OPEC Lifts Production in February

Editorial Dept

Editorial Dept

More Info

Premium Content

Is This Oil Rally Justified?

U.S. West Texas Intermediate crude oil futures are in a position to close higher for a second consecutive week on Friday as more countries moved forward with plans to ease economic and social restrictions put in place to halt the coronavirus pandemic and as more output was reduced.

Nearby WTI crude oil and international-benchmark Brent crude oil are heading for the second week of gains after hitting what looks like a major low in April, when U.S. oil crashed below $0.00, with WTI up about 20% this week and Brent advancing close to 12%.

Despite the near-term strength, crude oil is still being pumped into storage, creating the possibility that any gains prompted by strong demand will be limited. Essentially, the market remains extremely oversupplied, but OPEC+ production cuts and other voluntary curtailments may be starting to have an impact on supply. Furthermore, the easing of economic restrictions could start to show the modest beginnings of demand recovery, but there is still a long way to go before the devastating demand destruction is erased.

Supply Side: Production Cuts Begin

The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a group known as OPEC+, began implementing a deal on record supply cuts amounting to 9.7 million barrels per day (bpd) from the start of May.

Meanwhile, North American oil companies are cutting production quicker than OPEC officials and industry analysts expected and are on track to…





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News