• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 2 hours In a Nutshell...
  • 4 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 7 mins Is OilPrice a cover for Green Propganda
  • 4 hours Putin Paid Militants to Kill US Troops
  • 19 mins Why Wind is pitiful for most regions on earth
  • 2 days Victor Davis Hansen on Biden's mental acuity " . . unfit to serve". With 1 out of 5 Democrats admitting it. How many Dem's believe it but will not admit it?
  • 1 day Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 20 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 21 hours Happy 4th of July!
  • 2 hours Joe Biden to black radio host, " If you don't vote for me you ain't black". That's our Democratic Party nominee ?
  • 19 hours Apology Accepted!
  • 2 days The Political Genius of Donald Trump
  • 3 days Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link
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