• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 18 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 2 days The Discount Airline Model Is Coming for Europe’s Railways
  • 5 hours Starvation, horror in Venezuela
  • 13 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 1 day Pakistan: "Heart" Of Terrorism and Global Threat
  • 14 hours Saudi Fund Wants to Take Tesla Private?
  • 1 day Venezuela set to raise gasoline prices to international levels.
  • 1 day Are Trump's steel tariffs working? Seems they are!
  • 2 days Batteries Could Be a Small Dotcom-Style Bubble
  • 2 days Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 2 days WTI @ 69.33 headed for $70s - $80s end of August
  • 6 hours China goes against US natural gas
  • 7 hours Why hydrogen economics does not work
Alt Text

WTI Set For Longest Weekly Losing Streak Since 2015

West Texas Intermediate crude was…

Alt Text

Why Trump Won’t Kill Progress On Fuel Economy

The fuel economy standards battle…

Alt Text

Why China Will Continue To Buy Iranian Crude

While the United States sanctions…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Market Uncertainties Keep Oil Prices Buoyed

Oil

June West Texas Intermediate crude futures are trading flat-to-lower as we approach the end of the week. Volume has been light all week with traders refusing to commit to either side of the market ahead of next week’s major decision on whether to reimpose sanctions on Iraq.

Supporting the market over the near-term has been speculation that new U.S. sanctions against Iran would lead to a disruption in supply which would further tighten global supplies. Iran’s oil exports hit 2.6 million barrels per day (bpd) in April, according to the Oil Ministry, a record since the lifting of sanctions.

Gains have been capped, however, by a stronger U.S. Dollar, which affects demand, and rising U.S. production.

The uncertainties over Iran are helping to underpin prices with buyers coming in on weakness, but refraining from buying enough to drive the market through resistance and into new multiyear highs. This is holding the markets in a range and giving the appearance of a sideways trade.

President Trump has until May 12 to make a decision about the sanctions. Some of the recent surge in prices is being attributed to bullish speculators who are betting that the president will make good on his threat to withdraw from the deal. This is likely to disrupt supply which could be supportive for prices moving forward.

Comments from Iran’s foreign minister triggered a volatile short-covering rally on Thursday after he said U.S. demands to change its…

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