• 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
  • 48 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours How Far Have We Really Gotten With Alternative Energy
  • 3 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 16 hours Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 4 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
Saudi Arabia’s Non-Oil Revenue Hits 50% Of GDP

Saudi Arabia’s Non-Oil Revenue Hits 50% Of GDP

Saudi Arabia’s Ministry of Economy…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Premium Content

Top Heavy Oil Markets Continue To Rally

U.S. West Texas Intermediate and international-benchmark Brent crude oil managed to eke-out a small gain for the holiday-shortened week, but the volatile, two-sided price action indicated cracks may be developing in the bullish narrative.

Crude Oil Gains Limited

The news tended to lean to the bullish side late in the week with the markets underpinned by a drop in crude shipments from top exporter Saudi Arabia and a draw in U.S. oil inventories. Gains may have been limited by a stronger U.S. Dollar which tends to limit foreign demand for U.S. oil, and weaker U.S. equities which reduced demand for higher risk assets.

Supply Side News Mostly Supportive

Saudi Arabia’s crude oil exports fell by 277,000 barrels per day just under 7 million bpd in February from the month before, according to data from the Joint Organizations Data Initiative.

On Wednesday, the EIA reported that U.S. crude inventories fell by 1.4 million barrels in the week-ending April 12. Traders were looking for a 1.6 million barrel build. Gasoline stockpiles fell 1.2 million barrels during the same time period, while distillate fuel inventories fell by 362,000 barrels.

The EIA also reported a gasoline production rate of 9.9 million barrels daily last week and a distillate…





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