• 4 minutes Permian in for Prosperous and Bright Future
  • 7 minutes Amount of Oil Usage in the United States
  • 10 minutes America Could Go Fully Electric Right Now
  • 27 mins Kalifornistan, CO2, clueless politicians, climate hustle
  • 1 hour JP Morgan Christyan Malek, report this Summer .. . We are at beginning of oil Super Cycle and will see $190 bbl Brent by 2025. LOL
  • 10 hours Something wicked this way comes
  • 2 days US after 4 more years of Trump?
  • 23 hours Tesla Battery Day (announcements on technology)
  • 3 hours Jake Gardner from Omaha wrongly charged with murder while protecting his business from rioters. . . . . . Kills himself
  • 1 day Why NG falling n crude up?
  • 2 days Ten Years of Plunging Solar Prices
  • 3 days Famine, Economic Collapse of China on the Horizon?
  • 3 days .
Oil Still Stuck at $40

Oil Still Stuck at $40

Renewed lockdown fears sent oil…

Editorial Dept

Editorial Dept

More Info

Premium Content

Reversing The Trend: Oil Falls Below $60

U.S. West Texas Intermediate and international benchmark Brent crude oil futures are in a position on Friday to post their biggest weekly loss of the year. Most of the loss can be attributed to a steep decline on Thursday, which produced the worst single-day performance in 2019.

Traders are saying that the sell-off is being fed by concerns over rising U.S. stockpiles and worries that the U.S.-China trade standoff has finally hit the U.S. economy.

Rising U.S. Stockpiles One Bearish Factor

Surging U.S. inventories weighed heavily on U.S. West Texas Intermediate and international benchmark Brent crude oil futures throughout the week.

A jump in U.S. crude inventories primarily caused by low refinery runs helped drive prices lower. According to the Energy Information Administration (EIA) weekly inventories report, U.S. crude stockpiles soared to their highest levels since July 2017.

The EIA data showed commercial U.S. crude inventories rose by 4.7 million barrels in the week ended May 17, to 476.8 million barrels. The government also reported that U.S. crude oil production climbed by 100,000 barrels per day (bpd) to 12.2 million bpd. Last month, production hit a record 12.3 million bpd.

Weak refinery demand and the planned sale of U.S. strategic petroleum reserves (SPR) into the commercial market have also set up crude for its worst weekly performance in 6 months.

Ongoing Trade War Raising Fears about Weak Economic Growth

According…





Leave a comment
  • Musa on May 25 2019 said:
    Great analysis
  • Tripp Mills on May 31 2019 said:
    P.S.S. March seemed to be a problematic month for my friendly neighborhood discount brokerage - they seemed to busy explaining how they can or can't short short short positions I hold yet they could not pay cash dividends and did illegal share buys (no they are not authorized to act on my behalf ever - check triggers and make sure your shares are not being illegally shorted investors by the worst of the worst discount brokerages).
  • Tripp Mills on May 31 2019 said:
    Everyone have a great day and (yes they have figured out they can short short short oil likely with our money and our expense - nice discount/free brokerage system we have, right? Ask them to let you pay and hell no - why do that when they can just steal trillions from the American investor/public!
  • Tripp Mills on May 31 2019 said:
    Question also (aside from everyone I hope you all have a nice day) - what does FINRA do? I happened to call them in DC and they were just plain rude - I made a request to speak to a FINRA rep for my brokerage and they said NO, I said can you pass that along and they said NO - rude rude rude. That's who is overseeing the brokerage industry? Really? Lets hope to see others besides the big banks and wall street sitting under the heat in congress - they have likely deserved it for a long time!

Leave a comment




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