• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Does Toyota Know Something That We Don’t?
  • 5 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 1 day World could get rid of Putin and Russia but nobody is bold enough
  • 11 hours America should go after China but it should be done in a wise way.
  • 5 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 3 days China is using Chinese Names of Cities on their Border with Russia.
  • 4 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 3 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 4 days Putin and Xi Bet on the Global South
  • 4 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 5 days United States LNG Exports Reach Third Place
  • 5 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 9 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
Editorial Dept

Editorial Dept

More Info

Oil To Trade Sideways In The Short Term

2019 is young indeed but we’re already starting to see some signs of what will shape oil prices this year. On the downside, it’s clear that macro-economic concerns will continue to keep a lid on prices. On the upside, OPEC+ seems to mean business on their 1.2m bpd production cut offering, the key source of bullish risk in the market. These themes should sound familiar as bearish economic concerns and bullish tight supply concerns governed oil prices in 2018.

Away from oil, markets continue to signal that something is amiss with the 10-year old global economic recovery. Stock markets were hit hard this week after Apple lowered its 2019 revenue guidance based on slowing China sales- the company credited the Trump/Xi trade war in doing so- and S&Ps traded about 16% below their all-time high print just three short months ago. Equity market waves even created a mini ‘flash crash’ in several currency pairs. In China the carnage was even more severe with the Shanghai Composite lower by about 31% in the last twelve months following the release of China’s first contraction-territory PMI reading in 19 months. Even more interestingly, bond markets have begun to price in higher expectations of dovish central banking activity in 2019 allowing the yield curve to steepen slightly while rates have moved drastically lower. Not to be left out, commodities continue to show worsening deflation risks with the Bloomberg Commodity Index falling to its lowest…




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