• 6 minutes Corporations Are Buying More Renewables Than Ever
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 23 minutes Starvation, horror in Venezuela
  • 22 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 1 day Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 21 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 22 hours Saudi Fund Wants to Take Tesla Private?
  • 1 day Mike Shellman's musings on "Cartoon of the Week"
  • 2 days Venezuela set to raise gasoline prices to international levels.
  • 2 days The Discount Airline Model Is Coming for Europe’s Railways
  • 1 day Pakistan: "Heart" Of Terrorism and Global Threat
  • 1 day Are Trump's steel tariffs working? Seems they are!
  • 2 days Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 3 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 15 hours Why hydrogen economics does not work
  • 14 hours China goes against US natural gas
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Trade War Game Confuses Oil Investors

Trump

U.S. West Texas Intermediate crude oil futures are in a position to close lower for the week. Some of the selling pressure was generated by a confirmation of last week’s dramatic technical closing price reversal top.

The traditional supply/demand fundamental news was mixed. However, the main determinant of the direction appears to have been lower appetite for risky assets in response to worries over an escalating trade war between the United States and China.

A combination of news events helped fuel a two-sided trade before the market turned decisively lower for the week.

Prices plunged at mid-week after China proposed a broad range of tariffs on U.S. goods that increased fears of a trade war. However, the market began to mount a comeback after the release of a friendly government inventories report and a massive turnaround in the U.S. stock market.

According to the U.S. Energy Information Administration, U.S. crude inventories fell by 4.6 million barrels in the week-ended March 30. Analysts were expecting an increase of 246,000 barrels.

The EIA data showed the drop in inventories was fueled by a rise in refinery crude runs which jumped by 141,000 barrels per day. Refinery utilization rates rose by 0.7 percentage points.

Gains may have been limited by a report of a 3.666 million barrel build at the Cushing, Oklahoma futures storage hub.

The market received additional support from a report showing OPEC oil production fell in March…

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