• 3 minutes Natural gas is crushing wind and solar power
  • 6 minutes OPEC and Russia could discuss emergency cuts
  • 8 minutes Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 11 minutes Question: Why are oil futures so low through 2020?
  • 13 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 2 hours So the west is winning, is it? Only if you’re a delusional Trump toady, Mr Pompeo, by Simon Tisdall
  • 2 mins Peak Shale Will Send Oil Prices Sky High
  • 2 hours "Criticism of migration will become a criminal offense.  And media outlets that give room to criticism of migration, can be shut down." - EU Official to the Media.
  • 5 mins Charts of COVID-19 Fatality Rate by Age and Sex
  • 5 hours Fight with American ignorance, Part 1: US is a Republic, it is not a Democracy
  • 5 hours CDC covid19 coverup?
  • 1 hour Oil and gas producers fire back at Democratic presidential candidates.
  • 20 hours “The era of cheap & abundant energy is long gone. Money supply & debt have grown faster than real economy. Debt saturation is now a real risk, requiring a global scale reset.”"We are now in new era of expensive unconventional energy
  • 7 hours Democrats Plan "B" Bloomberg Implodes. Plan "C" = John Kerry ?
  • 21 hours Who decides the Oil costs?
  • 1 day Blowout videos
Editorial Dept

Editorial Dept

More Info

Premium Content

Negative Sentiment Drives Oil Lower

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures prices were hit on all fronts this week with the markets in a position to finish the week sharply lower. Especially significant is the evaporation of the risk premium in crude oil prices placed by traders last week following the attacks on Saudi Arabian oil facilities.

A combination of bearish supply and demand news helped fill in the price gap left by the strong jump in prices last week, which indicates dampened concerns over an escalation of tensions in the Middle East and increased worries about demand. Essentially, the price action suggests traders are thinking, “If demand is weak, it doesn’t really matter if supply is reduced.”

A number of factors pressured prices throughout the week including U.S.-China trade relations, Saudi facility repairs, rising U.S. supply and U.S-Iran sanctions.

Traders Worried About Trade Deal

Early in the week, crude oil prices were supported by optimism over improving U.S.-China trade relations with both sides making gestures the past two weeks to ease tensions. Prices tumbled, however, after President Trump said he would not accept a “bad deal” with China. This raised concerns that the two sides were still far apart, reducing the chances of a trade deal at their October 10-11 high-level trade talks.

EIA Reports Large Inventories Build, Rising Production

Prices were further pressured on Wednesday…




Leave a comment

Leave a comment




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