• 4 minutes China goes against US natural gas
  • 12 minutes WTI @ 67.50, charts show $62.50 next
  • 15 minutes Saudi Fund Wants to Take Tesla Private?
  • 56 mins Downloadable 3D Printed Gun Designs, Yay or Nay?
  • 1 hour Peak Oil is Now!
  • 5 hours Rattling With Weapons: Iran Must Develop Military To Guard Against Other Powers
  • 7 hours Russians hacking vs U.S., Microsoft President: Russians Targeting All Political Sides
  • 3 hours Corporations Are Buying More Renewables Than Ever
  • 13 hours VW Receives Massive Order Of 1,600 All-Electric Trucks
  • 21 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 1 day CO2 Emissions Hit 67-Year Low In USA, As Rest-Of-World Rises
  • 1 day The EU Loses The Principles On Which It Was Built
  • 1 day Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 18 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 1 day The Discount Airline Model Is Coming for Europe’s Railways
  • 1 day Starvation, horror in Venezuela
Alt Text

Why The U.S. Won’t Sanction Venezuela’s Oil

Rumors of the U.S. government…

Alt Text

WTI Set For Longest Weekly Losing Streak Since 2015

West Texas Intermediate crude was…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Oil Traders Forget Fundamentals, Focus On Geopolitics

Trading Screen

U.S. West Texas Intermediate is in a position to post a strong gain this week. The short-term fundamentals continue to be supportive as bullish traders remain concerned over the escalating military activity in the Middle East and shrinking global oil inventories.

Earlier in the week, crude oil surged to the upside after Saudi Arabia said it intercepted missiles over Riyadh and U.S. President Trump warned of military action in Syria.

In another bullish development on Thursday, OPEC said that a global oil stocks surplus is close to evaporating. The cartel supported its claim by saying it was based on healthy energy demand combined with its own supply cuts. Furthermore, it revised up its forecast for production from rivals who have benefited from higher oil prices.

Additionally, OPEC Secretary-General Mohammad Barkindo told Reuters in an interview that OPEC and its oil producer allies are poised to extend their supply-cutting pact into 2019 even as a global glut of crude is set to evaporate by September.

In other news, the U.S. Energy Information Administration said U.S. crude inventories rose by 3.3 million barrels to 428.64 million barrels. Additionally, U.S. crude oil production last week hit a fresh record of 10.53 million barrels per day (bpd), up by a quarter since mid-2016. The rise in production means the U.S. now produces more crude than top exporter Saudi Arabia. Only Russia, at currently just under 11 million bpd, pumps out more.

The price…

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