• 3 minutes Shale Oil Fiasco
  • 7 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 12 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 16 minutes Global Debt Worries. How Will This End?
  • 1 min americavchina.com (otherwise known as OilPrice).
  • 34 mins Democrats through impeachment process helped Trump go out of China deal conundrum. Now Trump can safely postpone deal till after November 2020 elections
  • 10 hours Forget The Hype, Aramco Shares May be Valued At Zero Next Year
  • 1 day Natural Gas
  • 2 days Wallstreet's "acid test" for Democrat Presidential candidate to receive their financial support . . . Support "Carried Interest"
  • 16 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 4 hours Iraq war and Possible Lies
  • 3 hours POTUS Trump signs the HK Bill
  • 2 days Everything you think you know about economics is WRONG!
  • 7 hours READ: New Record Conoco Eagleford Vintage 5 wells, their 5th generation test wells . . . Shale going bust . . . LAUGHABLE
  • 2 days 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 1 day Winter Storms Hitting Continental US
  • 1 day Aramco Raises $25.6B in World's Biggest IPO
  • 20 hours My interview on PDVSA Petrocaribe and corruption
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

The Deciding Factor For Oil Prices Next Week

Gas

September Crude Oil Weekly Recap

September U.S. West Texas Intermediate crude oil futures are currently in a position to finish lower for the week as investors react to a rise in U.S. production and reports from earlier in the week of a jump in OPEC production. The deciding factor is likely to be the Baker Hughes rig count.

According to the U.S. Energy Information Administration, U.S. crude inventories fell by 6.3 million barrels in the week ended June 30. Traders were looking for a draw of about 2.4 million barrels. Total inventories stand at 502.9 million barrels. Gasoline stocks also fell by 3.7 million barrels, to 237.3 million barrels.

This week’s report suggests increased demand for gasoline, but this news was offset by a 1 percent rise in weekly U.S. oil production to 9.34 million barrels per day (bpd).

Earlier in the week, it was reported that OPEC exported 25.92 million barrels per day (bpd) in June. This is 450,000 bpd more than in May and 1.9 million bpd more than a year earlier.

In other news, Saudi Arabia announced price cuts to Asia beginning in August. Russia said it was not interested in cutting production further.

Crude oil is under pressure this week because of the increased U.S. production. Last week, the EIA reported a drop in U.S. production, triggering an extension of the short-covering rally. Most bearish traders knew that this number did not represent a trend and was most likely caused by tropical storms and…




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