• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 10 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 hours Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
  • 1 day "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
  • 3 days What China is Learning from Russia's War in Ukraine and its Consequences
  • 11 hours Advancing Fundamental Drilling Science - Geothermal drilling successes offer potential gain for petroleum industry
  • 5 days Failure To Implement Russian Oil Ban Could Send Oil Crashing To $65
Editorial Dept

Editorial Dept

More Info

Premium Content

Only Change In Fundamentals Can Trigger Oil Breakout

U.S. West Texas Intermediate crude oil futures are edging higher for the week, while posting a relatively tight trading range following the previous week’s steep sell-off. The inside trading range suggests investor indecision and impending volatility. The rangebound trade is being capped by worries over global demand and underpinned by tensions in the Middle East.

Actually there is more to the limited gains than the forecasts for lower demand. There are also worries about rising U.S. shale production. However, this week’s U.S. government inventories report was bullish. Furthermore, the market is also being supported by the OPEC-led supply cuts and U.S. sanctions against Venezuela and Iran. Although these factors may eventually be offset by climbing U.S. production.

Middle East Tensions

According to the latest reports, tensions remain high around the Strait of Hormuz because Iran is refusing to release the British flagged oil tanker it commandeered last week in the Gulf.

In the meantime, U.S. Secretary of State Mike Pompeo said Washington had asked Japan, France, Germany, South Korea, Australia and other nations to join maritime security efforts.

Weakening Global Economy

Recently, OPEC and the International Energy Agency warned of lower future demand. On Friday, a Reuters poll taken July 1-24 showed the growth outlook for nearly 90% of the more than 45 economies surveyed was downgraded or left unchanged. That applied not just…





Leave a comment

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