• 4 minutes End of Sanction Waivers
  • 8 minutes Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 14 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 4 hours New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2
  • 58 mins Permafrost Melting Will Cost Us $70 Trillion
  • 56 mins Russia To Start Deliveries Of S-400 To Turkey In July
  • 39 mins Occidental Offers To Buy Anadarko In $57 Billion Deal, Topping Chevron
  • 6 hours Nothing Better than Li-Ion on the Horizon
  • 3 hours UNCONFIRMED : US airstrikes target 32 oil tankers near Syria’s Deir al-Zor
  • 47 mins Facebook Analysts Expect Earnings Will Reinforce Rebound
  • 17 hours Countries with the most oil and where they're selling it
  • 5 hours $80 Billion to protect Saudi/OPEC paid by US TAXPAYERS.
  • 18 hours Section 232 Uranium
  • 6 hours How many drilling sites are left in the Permian?
  • 22 hours China To Promote Using Wind Energy To Power Heating

Breaking News:

Ford Invests $500M In Tesla Rival

Oil Recovers From Volatile Week

Rig

Oil has experienced a tumultuous week, with news from China shaking up the already fragile balance of the markets. The Chinese economy seems to be cooling down, an odd thing to say given that China’s GDP growth amounted to 6.6 percent last year, yet several factors are pointing to the inevitability of a slowdown. For the first time in the last 27 years car sales have fallen by 2.8 percent in 2018 year-on-year, with CNPC expecting Diesel fuel demand to descend into negative territory in the upcoming 12 months.

(Click to enlarge)

This does not mean China will take in less crude, pipeline-supplied natural gas and LNG than previously, yet a more palpable slowdown is definitely in the cards. The oil market has reacted by falling 3 percent on Tuesday, recovering somewhat the following day after the Chinese finance ministry has vowed to ramp up fiscal spending to boost the economy. Global benchmark Brent traded at 62 USD per barrel on Wednesday afternoon, whilst WTI moved in the 53.5-54 USD per barrel interval.

1. US Commercial Stocks Fall Modestly, Products Surge

(Click to enlarge)

- US commercial crude stocks decreased by 2.7 MMbbl, roughly double of what analysts have predicted, to 437.1MMbbl.
- For the week ended January 18, analysts predict a further draw, to the extent of 1MMbbl, due to a bounce-back in refinery utilization and more robust exports.
- The East Coast’s inventories (PADD 1) were the main downward…




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