• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 11 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 day Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 2 days Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
  • 19 hours US intel warns China could dominate advanced technologies By NOMAAN MERCHANT October 22, 2021
  • 2 days "The Hidden Story About California's Container Ship Backlog" via Corbett Report
  • 5 hours NordStream2
  • 1 day Storage of gas cylinders
Is $85 The New Normal For Oil Markets?

Is $85 The New Normal For Oil Markets?

Oil prices are set to…

What’s Holding Nuclear Energy Back In The U.S.?

What’s Holding Nuclear Energy Back In The U.S.?

On paper, nuclear power appears…

Editorial Dept

Editorial Dept

More Info

Premium Content

Oil Prices Face New Risks After A Remarkable Rally

U.S. West Texas Intermediate crude oil futures are edging lower on Friday, but still holding on to their weekly gains. The price action suggests profit-taking is taking place ahead of the weekend or traders are concerned about over-valuations. A drop in demand for riskier assets and commodities is also pressuring prices amid renewed concerns over the financial stability of China’s Evergrande, which is facing a debt crisis.

Earlier in the session, oil prices jumped to a two-month high before retreating. Nonetheless, the markets are headed for a third straight week of gains, supported by global output disruptions and inventory draws.

Despite today’s minor setback, oil prices are likely to remain supported for months due to disruptions in U.S. Gulf Coast production following Hurricane Ida and other storms. The situation is so bad that U.S. refiners are being forced to turn to other countries for supply.

US Oil Refiners Pick Iraqi, Canadian Crudes to Replace Storm Losses – Traders

U.S. oil refiners hunting to replace lost after a storm hit the U.S. Gulf of Mexico last month have been turning to Iraqi and Canadian oil, while Asian buyers have been pursuing Middle Eastern and Russian grades, analysts and traders said.

Royal Dutch Shell, the largest producer in the U.S. Gulf of Mexico, this week said damage from Hurricane Ida to an offshore transfer facility will limit Mars sour crude supplies into early next year. The grade is used…





Leave a comment
  • john tucker on September 26 2021 said:
    I dont have any use for predictions based upon tea leave, palm reading, offal, or chart patterns.
    To answer your question,
    “Is there any reason to chase the market higher at current price levels?”

    yes,
    drillers are still frightened by the event last year when they actually had to pay money to get oil off their hands for a moment.
    drillers are more frightened, long term, of the global warming activists` political power, threatening taxes and other measures to throttle oil production, while demand is still increasing.

    The bottom line is that demand has been outstripping supply, consistently for many months, and everyone is steadily drawing down inventories, but the short sellers have still been in command in the markets, and so nobody is changing plans to increase cap ex.

    I see a freight train barreling towards a bridge that is out, and nobody seems to care.....

Leave a comment




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