• 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
  • 3 hours Why Wind is pitiful for most regions on earth
  • 52 mins Is OilPrice a cover for Green Propganda
  • 37 mins 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 ?
  • 5 hours Sources confirm Trump to sign two new Executive orders.
  • 17 hours In a Nutshell...
  • 2 days Joe Biden to black radio host, " If you don't vote for me you ain't black". That's our Democratic Party nominee ?
  • 3 days Happy 4th of July!
  • 2 days Putin Paid Militants to Kill US Troops
  • 2 days Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 3 days Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 9 hours Coronavirus hype biggest political hoax in history
  • 2 days Apology Accepted!
  • 3 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?

Oil Moves Higher, But Traders Remain Cautious

Oil prices legged higher to begin the week after the new Saudi Energy Minister confirmed his arrival would not bring a shift in OPEC policy. To quote, Prince Abdulaziz told reporters “There is nothing radical in Saudi Arabia. We all work for the government… Fundamentally Saudi Arabia’s energy policy is resting on a few pillars. The pillars don’t change.”

The comments seemed to salve oil traders who are nervous the recent Saudi push towards an Aramco IPO could lead to a fraying of relations within OPEC and a loss in motivation for the Saudis to do the brunt of the market balancing work. (We happen to think this will only heighten Saudi resolve to keep the market tight in the coming months.) The boost in oil prices was enough to push global stocks higher as the energy sector lead gains in the S&P 500- an unusual occurrence as the sector has suffered losses of 7% since mid-July while the overall S&P has been flat.

This was an unusual start to the trading week following several months in which oil traders tended to focus on bearish news. Meanwhile, there was, in fact, some negative news for the market to digest in the form of yet another downward revision from the IEA in their global crude demand growth forecast to slightly under 1m bpd for 2019. The research organization had previously forecast 2019 demand growth of 1.4m bpd for the year back in the Fall of 2018 and 1.35m bpd until this Spring giving us all a sharp reminder of…




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