• 4 minutes Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 8 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 11 minutes Why Trump Is Right to Re-Open the Economy
  • 13 minutes Its going to be an oil bloodbath
  • 8 mins US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 25 mins While China was covering up Covid-19 it went on an international buying spree for ventilators and masks. From Jan 7th until the end of February China bought 2.2 Billion masks !
  • 5 hours Marine based energy generation
  • 53 mins Ten days ago Trump sent New York Hydroxychloroquine. Being administered to infected. Covid deaths dropped last few days. Fewer on ventilators. Hydroxychloroquine "Cause and Effect" ?
  • 30 mins China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 3 hours Today 127 new cases in US, 99 in China, 778 in Italy
  • 9 hours Real Death Toll In CCP Virus May Be 12X Official Toll
  • 19 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 1 day Trafigura CEO Weir says, "We will see 30% to 35% drop in demand". That amounts to 35mm bbls/day glut ! OPEC+ 10 mm cut won't fix it. It's a DEMAND problem.
  • 5 hours Which producers will shut in first?
  • 15 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 1 day The Most Annoying Person You Have Encountered During Lockdown
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Rally Unwinds As Russia, Saudis Aim To Increase Oil Output

Rigs

U.S. West Texas Intermediate crude and internationally-favored Brent crude oil are trading sharply lower on Friday, putting the market in a position to finish the week lower for the first time since the week-ending April 27. The market is being pressured by the possibility of increased production from OPEC for the first time since 2016. This news is offsetting potentially bullish supply disruptions from both Venezuela and Iran.

Also worrying bullish crude oil traders was a sustained rise in gasoline inventories just ahead of the Memorial Day holiday in the United States, which typically marks the start of the summer driving season.

Russia Factor

Crude oil sellers are reacting to the news that Russia hinted it may gradually increase output after withholding supplies since 2017 together with producer cartel OPEC.

Russia has been floating the idea of ending the production for several weeks, with energy minister Alexander Novak saying on Thursday that restrictions on oil production could be eased “softly” if OPEC and non-OPEC countries see the oil market balancing in June.

Surprise Build in U.S. Inventories

An unexpected build in U.S. crude oil inventories also weighed on prices, driving the spread between Brent crude and U.S. West Texas Intermediate (WTI) close to its widest in three years.

On Wednesday, the U.S. Energy Information Administration (EIA) said commercial crude inventories rose by 5.8 million barrels in the week…




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