• 4 minutes Why Trump Is Right to Re-Open the Economy
  • 7 minutes Did Trump start the oil price war?
  • 11 minutes Covid-19 logarithmic growth
  • 15 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 18 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 3 hours America’s Corona Tsar, Andrew Fauci, Concedes Covid-19 May Be Just a Bad Flu With a Fatality Rate of 0.1%
  • 34 mins Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 5 hours Saudi Arabia Can't Endure $30 Oil For Long
  • 2 hours KSA taking Missiles from ?
  • 4 hours Where's the storage?
  • 7 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 4 hours Western Canadian Select selling for $6.48 bbl. Enbridge charges between $7 to $9 bbl to ship to the GOM refineries.
  • 4 hours Hillary Clinton tweeted a sick Covid joke just to attack Trump
  • 6 hours China extracts record amount of natural gas from Gas Hydrates in South China Sea
  • 11 hours Oxford Epidemiologist: Here’s Why That Covid-19 Doomsday Model Is Likely Way Off
  • 8 hours Wait till America opens their Q1 401k Investment Statements and see they have lost 35% of their retirement savings. They can blame the Authoritarian Chinese Communist Party..
  • 9 hours There are 4 major mfg of hydroxychloroquine in the world. China, Germany, India and Israel. Germany and India are hoarding production and blocked exports to the United States. China not shipping any , don't know their policy.
Alt Text

Building The Sustainable City Of The Future

Masdar City in Abu Dhabi…

Alt Text

America’s Shortage Of This Metal Keeps Trump Up At Night

Everything from the 5G revolution…

Alt Text

Economic Activity Hits A Decade-Low

Economic activity has plunged to…

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