• 3 minutes This Battery Uses Up CO2 to Create Energy
  • 5 minutes Shale Oil Fiasco
  • 9 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 12 minutes Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 1 min Which type of Hegemony will China follow
  • 17 hours Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 5 hours China gets caught?
  • 7 hours Demand for Diesel vs. Oil
  • 20 hours Yesterday POLEXIT started (Poles do not want to leave EU, but Poland made the decisive step towards becoming dictatorship, in breach of accession treaty)
  • 3 hours Us Shale: Moving the US shale revolution forward
  • 2 days Here is Why People Lose Money Trading Natural Gas
  • 21 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 1 day Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 2 days Let’s take a Historical walk around the Rig
  • 2 days US Shale: Technology
  • 2 days Governments that wasted massive windfalls
Alt Text

5 Niche Energy ETFs You’ve (Probably) Never Heard Of

Since their inception nearly three…

Alt Text

As Gas Prices Crash, Will This Shale Giant Survive?

Fracking giant Chesapeake may seem…

Alt Text

Speculators Are Dragging Down Natural Gas

It seems that fundamentals can…

Editorial Dept

Editorial Dept

More Info

Premium Content

Tanker Attacks Don’t Alter The Bearish Oil Trend

U.S. West Texas Intermediate crude oil futures are set to close lower for the week as demand concerns continue to outweigh rising geopolitical tensions in the Middle East. Furthermore, the OPEC-led supply cuts remain in place and the cartel and its allies are close to approving an extension of this move to offset production, trim the excess global supply and stabilize prices. However, this news has not been able to stop the selling pressure or shift the bearish investor sentiment.

Government trading data confirms this assessment with the Commodity Futures Trading Commission (CFTC) showing hedge fund managers continued to liquidate long positions at the fastest rate since the fourth quarter of 2018 due to rapidly increasing fears about a global economic slowdown.

Although there was a spike to the upside in reaction to the attacks on two tankers in the Strait of Oman, the trade this week was mostly dominated by worries over rising U.S. stockpiles and lower global demand.

Prices Pressured Wednesday by Bearish Government Report

A bearish U.S. government report drove price sharply lower on Wednesday.

The U.S. Energy Information Administration (EIA) on Wednesday reported crude stockpiles rose unexpectedly for a second week in a row, climbing 2.2 million barrels the week ending June 7. Traders were looking for a drawdown of about 481,000 barrels.

U.S. stockpiles now stand at 485.5 million barrels, the highest level since July 2017. This is 8% above…




Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play