• 5 minutes Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 9 minutes Sell out now or hold on?
  • 16 minutes Oil prices going down
  • 3 hours Oil prices going down
  • 5 hours Oil and Trade War
  • 18 hours Two Koreas Agree To March Together At Asian Games
  • 5 hours When will oil demand start declining due to EVs?
  • 8 hours Sell out now or hold on?
  • 10 hours Correlation Between Oil Sweet Spots and Real Estate Hot Spots
  • 8 hours Russia and Saudi Arabia to have a chat on oil during FIFA World Cup - report
  • 5 hours venezuala oil crisis
  • 4 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 3 hours What If Canada Had Wind and Not Oilsands?
  • 3 hours After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
  • 9 hours Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 5 hours Germany Orders Daimler to Recall 774,000 Diesel Cars in Europe
  • 2 hours The Wonderful U.S. Oil Trade Deficit with Canada
  • 18 hours Geopolitical and Political Risks make their strong comeback to global oil and gas markets
  • 15 hours Trump Renews Attack On OPEC Ahead Of Group's Production Meeting
Alt Text

China’s Growing Debt Could Be Bearish For Oil Prices

China’s crackdown on corporate and…

Alt Text

The Permian Has A Natural Gas Problem

Pipelines in the Permian are…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

The New-Year Sell Off In Oil

Oil

Volatility has been low this week with market liquidity drying up ahead of the Christmas and New Year breaks, but the U.S. West Texas Intermediate and international-benchmark Brent crude oil trended high enough to put them in positions to challenge their highest levels since 2015.

U.S. WTI and Brent crude oil were primarily supported by a bullish weekly government inventories report and the continued shutdown of the North Sea Forties pipeline system.

According to the U.S. Energy Information Administration (EIA), U.S. crude oil stocks fell by 6.5 million barrels, more than expected, in the week to December 15, while gasoline stocks rose 1.2 million barrels, less than anticipated, even though refining activity rose.

Crude stocks, excluding the U.S. Strategic Petroleum Reserve, currently stand at 436.5 million barrels, the lowest since 2015.

The EIA also said that for the most recent week, refiner capacity utilization rose to 94.1 percent, the highest since the summer, and above average for December.

In other news, Kuwait’s oil minister Bakhit al-Rashidi said compliance among both OPEC and non-OPEC members currently stands at 122 percent, highest since the OPEC-led deal to cut production was implemented in January.

Forecast

The same factors that influenced the price action this week should continue to support crude oil prices next week. Brent crude oil prices are expected to be supported by the continuing outage of the U.K.’s…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





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