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OPEC+ Can Stop An Oil Rally To $100

OPEC+ Can Stop An Oil Rally To $100

The OPEC+ group could influence…

U.S. Sanctions on Venezuela Snap Back Into Place

U.S. Sanctions on Venezuela Snap Back Into Place

The U.S. has reimposed sanctions…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

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Traders In Limbo As Mounting Uncertainty Pulls Oil In All Directions

Moment of Truth

Crude oil prices are expected to finish the week higher, but the price action late in the week suggests the market may be getting a little top heavy. Early in the week, crude oil surged to a five-month high and continues to hover around these levels, however, new concerns over future demand have slowed down the upside momentum on the daily chart.

Weekly Recap

Earlier this week, the Energy Information Administration reported that U.S. crude inventories rose to their highest level since November 2017. Additionally, U.S. crude output remained at a record 12.2 million barrels per day. However, U.S. gasoline stocks fell by a whopping 7.7 million barrels last week. This was more than enough to offset the crude oil build.

At the same time, the International Energy Agency (IEA) reported that OPEC production fell 550,000 bpd. The IEA also said that U.S. sanctions and power outages pushed OPEC member Venezuela’s crude output to a long-term low of 870,000 bpd, even lower than OPEC had reported the day before.

Support has been strong because supply is tightening. This is being supported by real supply data. Concerns over demand are just speculation. Earlier in the week, Bernstein Energy said in a note, “We believe global demand has another 10…





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  • Mamdouh Salameh on April 14 2019 said:
    Buoyed by strong global oil demand, rock solid demand by China, positive macroeconomic data about the Chinese economy and a slowdown in US production, the global oil market is tightening sending oil prices higher. If these factors persist, we could see oil prices surging beyond $80 a barrel if not higher.

    Saudi-led OPEC is determined to continue with the production cuts in order to ensure that the global oil market is irrevocably balanced and prices are beyond $80 which is the level most of its members need to balance their budgets.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

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