• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 days Does Toyota Know Something That We Don’t?
  • 5 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 1 day America should go after China but it should be done in a wise way.
  • 5 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 4 days China is using Chinese Names of Cities on their Border with Russia.
  • 5 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 4 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 10 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
  • 5 days Putin and Xi Bet on the Global South
  • 5 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 6 days United States LNG Exports Reach Third Place
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Breaking News:

U.S. Crude Oil, Gasoline Inventories Boom

Editorial Dept

Editorial Dept

More Info

Premium Content

Three Bullish Factors That Could Send Oil To $120

U.S. West Texas Intermediate crude oil futures are trading nearly flat on Friday, while continuing to hover near its more than two-month high. Helping to underpin prices is the prospect of a European Union (EU) ban on Russian energy products and expectations of tighter U.S. gasoline supplies.

Two Factors Attracting the Most Attention

The focus for traders this week has been supply. And two events have garnered most of the attention:  The possible ban on Russian crude exports and the significant tightness in U.S. product inventories.

The EU may announce the ban on May 30 at nearly the same time the U.S. begins its high demand summer driving season. Both moves will tighten supply.

But there is a third factor developing. Bullish traders are hoping China starts to lift its COVID-related restrictions while at the same time announcing more measures to support the economy. This could give demand a much-needed boost.

EU Waiting for Hungary’s Approval

Early next week, the European Commission will try to obtain the unanimous support of all 27 EU member states for its proposed new sanctions against Russia. However, Hungary isn’t quite on the same page as the other 26 members.

According to Reuters, a top Hungarian aide said the country needed 3-1/2 to 4 years to shift away from Russian crude and make huge investments to adjust its economy. Hungary could not back the EU’s proposed oil embargo until there was a deal on all…

Leave a comment

Leave a comment

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