• 3 days The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 43 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 2 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 4 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 16 hours "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days Demonising fossil fuels has caused major grid problem in Australia
  • 4 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 6 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 330 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 8 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others
Editorial Dept

Editorial Dept

More Info

The Next Leg Higher For Oil Prices

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…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News