• 4 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 7 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 10 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 13 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 35 mins EU has already lost the Trump vs. EU Trade War
  • 2 mins More dumbed down? re Hong Kong Act of Congress
  • 16 hours Impeachment S**te
  • 55 mins Pope Proposes New Sin: Thou Shalt Not Destroy The Harmony Of The Environment
  • 3 hours Article: Did Exxon only make $39 Million onshore U.S. last quarter ?
  • 23 hours 55.00 WTI
  • 8 hours Visualizing Pennsylvania Oil & Gas Production (Through September 2019)
  • 4 hours U.S. Shale To Break Records Despite Bearish Rhetoric
  • 1 day Water, Trump, and Israel’s National Security
  • 1 day Everything You Need To Know About Trump
  • 2 hours Last I Checked
  • 2 days IEA predicts oil demand will grow annually at 1 million barrels a day for the next 5 years
  • 2 days Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 46 mins Petroleum Industry Domain Names
  • 50 mins What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?

Breaking News:

China’s Hunger For Coal Is Growing

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Oil Markets Approach Battle Zone

Barrels

June West Texas Intermediate crude oil futures closed more than 1 percent higher on Thursday, putting the market in a position to post a solid gain for a second consecutive week. Despite the strength into the latter half of the week, traders remained skeptical about the market’s ability to sustain its current upside momentum.

The U.S. Energy Information Administration’s (EIA) weekly report released on Wednesday showed crude inventories at record levels for the week-ending March 31. Initially, traders responded by selling. However, the move was short-lived and by Thursday, aggressive counter-trend buyers were back, putting the market in a position to challenge the week’s high.

While some analysts are claiming that the current run-up is being supported by improving refinery runs in anticipation of the spring/summer driving season and a decline in gasoline inventories, I think that some of the credit for the move can be placed on speculative buying ahead of a possible announcement of an extension of the OPEC-led plan to cut output, trim the global supply glut and stabilize prices.

However, as a technical trader and a price action guy, I think the best thing that happened to this market over the past month has been the aggressive trimming of positions by hedge funds and commodity money managers. When they built record long positions earlier in the year, they essentially jammed up the market and it had nowhere to go.

Now that the number…




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