• 3 minutes War for Taiwan?
  • 7 minutes How China Is Racing To Expand Its Global Energy Influence
  • 10 minutes Is it time to talk about Hydrogen?
  • 1 hour U.S. Presidential Elections Status - Electoral Votes
  • 3 hours “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 6 hours Tesla Semi
  • 2 hours WTI / ​​​​​​​Price Forecasting 
  • 10 hours Mail IN Ballot Fraud
  • 17 hours “Did Authorities Do Enough To Find Out Why Oil Prices Went Negative?” By Irina Slav – Nov 26th
  • 7 hours “Consumers Will Pay For Carbon Pricing Costs” by Irina Slav
  • 2 days Biden's Green New Deal- Short Term - How Will He Start to Transition Out Of Crude?
  • 2 days America Could Go Fully Electric Right Now
  • 3 hours Russia loses its chance to capture the EU gas market
  • 17 hours Deceptions Revealed about the “Nord Stream 2 Pipeline” and Germany
  • 2 days Saudi Arabia Seeks to Become Top Hydrogen Exporter

Breaking News:

Goldman Sachs Sees Oil Hit $65 In 2021

Editorial Dept

Editorial Dept

More Info

Premium Content

Momentum Slows In Oil Markets As Inventories Soar

U.S. West Texas Intermediate and international-benchmark crude oil futures are in a position to finish lower for the week. WTI is down about 2.8% and Brent is off by about 2.2%. Sentiment in both markets is pointing lower, having shifted from positive earlier in the week on reports of tightening supply, to negative for the week on renewed concerns over rising U.S. production and its impact on global supplies.

Both futures contracts came close to testing or taking out their 200-day moving averages, which would have wreaked havoc for traders since many of the hedge and commodity funds have protective stops parked under this bullish technical indicator.

(Click to enlarge)

Crude oil fell to a one-month low on Thursday as traders continue to react to rising U.S. crude stockpiles and their potential impact on the OPEC-led attempt to trim the global supply and stabilize prices. The intense selling pressure, which began last week, materialized despite escalating political turmoil in Venezuela and the expanded sanctions against Iran that are designed to drive the nation’s exports to zero.

To recap Wednesday’s U.S. Energy Information Administration’s weekly inventories report for the week-ending April 26, U.S. crude stockpiles surged 9.9 million barrels, while U.S. oil production ticked up to a record 12.3 million barrels per day. Furthermore, the report showed that U.S. stockpiles have risen in five of the last six weeks, dimming reports…





Leave a comment

Leave a comment




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