• 8 minutes U.S. Shale Oil Debt: Deep the Denial
  • 13 minutes WTI @ $75.75, headed for $64 - 67
  • 16 minutes Trump vs. MbS
  • 11 hours Dyson Will Build Its Electric Cars in Singapore
  • 1 hour Iraq war and Possible Lies
  • 2 hours Why I Think Natural Gas is the Logical Future of Energy
  • 6 hours Despite pressure about Khashoggi's Murder: Saudi Arabia Reassures On Oil Supply, Says Will Meet Demand
  • 10 hours China Opens Longest Mega-Bridge Linking Hong Kong to Mainland
  • 2 hours How Long Until We Have Working Nuclear Fusion Reactor?
  • 8 hours The Balkans Are Coming Apart at the Seams Again
  • 4 hours Can “Renewables” Dent the World’s need for Electricity?
  • 6 hours Satellite Moons to Replace Streetlamps?!
  • 52 mins The Touching Story of a First Nation that Sued Trans Mountain
  • 6 hours World to Install Over One Trillion Watts of Clean Energy by 2023
  • 9 hours These are the world’s most competitive economies: US No. 1
  • 13 hours Aramco to Become Major Player in LNG?
  • 2 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
Alt Text

Europe’s Gas Game Just Took A Wild Twist

Despite the advantages of Russian…

Alt Text

Trump Threatens Iran’s Oil Clients

Trump has directed yet another…

Alt Text

Barclays: $70 More Likely Than $100

While there have been plenty…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Uncertainty Hits Markets Ahead Of OPEC Meeting

Crude oil futures were under pressure this week after reports showed large weekly builds in U.S. petroleum products and forecasts by the International Energy Agency and OPEC indicated the global crude glut could continue to build into early 2017.

December crude oil futures fell on the news and are expected to finish the week lower. Gasoline futures posted an inside range and are in a position to close the week higher. Heating oil futures also survived negative news and are within striking distance of finishing the week unchanged.

On paper, the Energy Information Administration’s report for the week-ending September 9 looked bullish for crude oil and bearish for the products, but that assessment isn’t showing up on the charts.

What the charts do show are markets trying to hold on to the bullishness from the first half of the year. I can’t see a bear market developing despite the new forecasts, but I do see evidence that traders are looking forward enough to realize that there is hope for stabilization of production and that eventually this supply glut will go away or at least become contained.

The price action also seems to suggest that traders have become immune to the government and private sector reports. This may be why the markets have been rangebound. The theme seems to be, “hold the market in a range then react to the reports then hold the market in a range”.

It could just be the OPEC meeting at the end of the…

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