• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 7 hours Science: Only correct if it fits the popular narrative
  • 3 hours Crazy Stories From Round The World
  • 2 hours What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 24 hours EU has already lost the Trump vs. EU Trade War
  • 17 hours China's Renewables Boom Hits the Wall
  • 8 hours Do The World's Energy Policies Make Sense?
  • 2 days ''Err ... but Trump ...?'' *sniff
  • 18 hours Forget out-of-date 'dirty oil' smear, Alberta moving to be world's cleanest oil industry
  • 11 hours Impeachment Nonsense
  • 2 days Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 2 days Tesla Launches Faster Third Generation Supercharger
  • 23 hours Water, Trump, and Israel’s National Security
  • 2 days Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 1 hour Who writes this stuff? "Crude Prices Swing Between Gains, Losses"

Breaking News:

Russia Plans To Boost Crude Oil Exports

The Next Leg Higher For Oil Prices

refinery

This week in oil is all about last week. Which is to say, the main force pushing markets is still the digestion of Trump’s surprise move to end Iran’s waiver program with a goal of pushing Iranian exports to 0 bpd come May 2nd.

So far, Trump seems to be getting what he wants in the deal in the form of strict sanctions on Iran and moderate oil prices. After an initial price spike north of $75 towards the end of last week, the President was able to push the market lower with a string of tweets highlighting the cooperative efforts between the White House and OPEC to maintain the currently well supplied state of the market.

We’re still at least a little bit skeptical that the President and his state department are accurately judging the current state of the oil market and the willingness of the Saudis to help him keep gasoline prices where American voters want them. On the fundamental front, yes, global oil markets are still reasonably well supplied. This is in part due to the monstrous production efforts coming out of West Texas which is keeping oil inventories above seasonal norms. The US currently has 28.5 Days of Supply of crude oil, which is 0.3 days above its 5yr seasonal average for late April - early May. This is a meaningful indication that oil markets have a reasonable level of cushion against upside shocks. Unfortunately for Mr. Trump, hedge fund managers and physical traders have a substantially more bullish opinion of where market fundamentals…




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