• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 2 days The Discount Airline Model Is Coming for Europe’s Railways
  • 20 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 7 hours Starvation, horror in Venezuela
  • 1 day Pakistan: "Heart" Of Terrorism and Global Threat
  • 15 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 15 hours Saudi Fund Wants to Take Tesla Private?
  • 1 day Venezuela set to raise gasoline prices to international levels.
  • 1 day Are Trump's steel tariffs working? Seems they are!
  • 8 mins Corporations Are Buying More Renewables Than Ever
  • 2 days WTI @ 69.33 headed for $70s - $80s end of August
  • 2 days Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 8 hours China goes against US natural gas
  • 9 hours Why hydrogen economics does not work
Alt Text

WTI Set For Longest Weekly Losing Streak Since 2015

West Texas Intermediate crude was…

Alt Text

Goldman: Trade War Won't Crash Oil Prices

In spite of the impact…

Alt Text

China’s Oil Futures Jump To Record High

China’s Yuan denominated crude futures…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Oil Markets Prepare For An End-Of-Year Rally

Rig

November West Texas Intermediate crude oil is in a position to close sharply higher for the week in reaction to a bullish report from the International Energy Agency (IEA).

According to the IEA, global oil demand is set to accelerate faster than anticipated this year. Strong second-quarter demand has buoyed oil markets, which have been struggling to rebalance as a supply glut has weighed heavily on prices, the IEA said in its September report released on September 13.

With the IEA growing more confident that shifting fundamentals are enabling demand to catch up with supply, it looks like investors are also gaining confidence based on this week’s price action. The price action on the daily chart was the first time in a while where investors actually looked confident buying strength.

The raw data in the IEA report strongly indicates that a rebalancing of the market is underway. The IEA increased its growth estimate for the year to 1.6 mb/d, or 1.7 percent. For 2018, the IEA is predicting growth of 1.4 mb/d, or 1.4 percent.

In August, the IEA has anticipated annual growth would hit 1.5 mb/d, again an increase on July’s 1.4 mb/d forecast.

U.S. Energy Information Administration Report

In other news, U.S. crude stockpiles rose sharply last week and gasoline inventories fell the most on record as refineries continued to be hampered by damage from Hurricane Harvey, the Energy Information Administration (EIA) said on Wednesday.

Crude…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





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