• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 2 hours Emissions Need To Be Halved To Avoid 3C Warming
  • 5 hours The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 36 mins Pioneer CEO Said U.S. Oil Production would be up to 15 mm bbls/day NOW if we had the pipelines. Permian pipelines STARTING Q3
  • 14 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 15 hours OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 5 hours Coal Boom in Asia is Real and a Long Trend
  • 3 hours Solar Panels at 26 cents per watt
  • 8 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 8 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 8 hours US to become net oil exporter in November: EIA
  • 5 hours US Shale Drilling lacks regulatory body.
  • 13 hours Trudeau approves Trans Mountain Pipeline
  • 16 hours The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 15 hours The Plastics Problem
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Traders In Limbo As Mounting Uncertainty Pulls Oil In All Directions

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

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading higher on Friday, helped by better-than-expected trade balance data from China, which dampened concerns over a global economic slowdown. Prices also continue to be supported by the on-going OPEC-led supply cuts and the U.S. sanctions against Iran and Venezuela, which have helped tighten global supplies.

Prices plunged on Thursday as traders continued to react to rising U.S. inventories. The price action, however, suggests the selling may have been fueled by technical factors.

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…

Trending Discussions


Leave a comment
  • 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

Leave a comment





Oilprice - The No. 1 Source for Oil & Energy News