• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 9 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 days Wind droughts
  • 5 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 hours Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 3 days Oil Prices Fall After Fed Raises Rates
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 11 days "Russian oil executive and Putin critic Ravil Maganov dead after mysterious six-story fall" - The New York Post
  • 3 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 13 days How Far Have We Really Gotten With Alternative Energy
  • 8 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 11 days The Federal Reserve and Money...Aspects which are not widely known
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

What’s Driving WTI?

U.S. West Texas Intermediate crude oil futures posted a volatile two-sided trade this week before moving to within striking distance of its three-year high on Thursday. One catalyst behind the price action this week was the U.S. Dollar since it also posted a volatile two-sided trade.

Additional factors affecting the price action were the U.S. Energy Information Administration’s (EIA) weekly inventories report and a survey on OPEC’s commitment to its program to cut production.

At the start of the week, crude oil futures were pressured by a firmer U.S. Dollar which rose because of rising U.S. Treasury yields. Dollar-denominated crude oil retreated because a stronger dollar tends to reduce demand for oil priced in dollars.

Prices reached their low for the week on Wednesday despite the EIA report that showed U.S. crude inventories rose by 6.8 million barrels during the week-ending January 26, after 10 straight weeks of declines. Analysts had expected a decrease of 126,000 barrels.

The EIA report went on to say that gasoline stocks unexpectedly fell by 2 million barrels, compared with expectations for a gain of 1.8 million barrels, helping to drive up gasoline futures.

Additionally, the EIA report went on to say that distillate stockpiles fell by 1.9 million barrels, versus expectations for a 1.5 million-barrel drop, the EIA data showed.

The major news revealed in the EIA report was that U.S. crude oil production in November surpassed…




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