• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 6 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 hours What-If - Russia decided to take out the Saudi and Kuwait oilfields
  • 8 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days "As the Earth Cools, the Climate Change Hoax Heats Up" by Michelle Edwards
  • 6 hours PROFOUND ! "Russian Ruble relaunched linked to Gold and Commodities" by the famous Ronan Manly -- (NOTE the censorship by the MultiPolar New World Order of The Great Reset))
  • 1 day 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 1 day The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 4 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Oil At A Crossroads Ahead Of Crucial OPEC Meeting

August West Texas Intermediate crude oil futures are in a position to close higher for the week as investors prepare for next week’s OPEC meeting in Vienna on June 22-23. Investors shouldn’t read into this week’s modest gain because the strength was likely generated by short-covering and position-squaring. The relatively low volume over the past two weeks suggests that the major players have taken to the sidelines due to the uncertain outcome of negotiations at the OPEC meeting.

Heading into next week’s meeting, attendees are going to have to address rising U.S. output and uncertainty over the outlook for supply because of economic turmoil in Venezuela and the upcoming sanctions against Iran. However, given the recent limited gains, it looks as if investors have priced in the possibility OPEC and other major producers will agree to higher output.

One major concern is that oil giants Saudi Arabia and Russia are going to push for increased production at next week’s OPEC meeting.

The notion that Saudi Arabia and Russia will push for more output was supported by Russian Energy Minister Alexander Novak who said after talks with Saudi Energy Minister Khalid al-Falih in Moscow that both nations “in principle” supported the gradual exit from the deal that was aimed at trimming the global supply and stabilizing prices.

“We in general support this … but specifics we will discuss with the ministers in a week,”…




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