• 3 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 5 minutes Could Tesla Buy GM?
  • 11 minutes Global Economy-Bad Days Are coming
  • 17 minutes Venezuela continues to sink in misery
  • 5 hours OPEC Cuts Deep to Save Cartel
  • 5 hours What will the future hold for nations dependent on high oil prices.
  • 1 day End of EV Subsidies?
  • 7 mins Price Decline in Chinese Solar Panels
  • 12 hours Congrats: 4 journalists and a newspaper are Time’s Person of the Year
  • 12 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 9 hours USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 22 hours Permian Suicide
  • 1 day GOODBYE FOREIGN OIL DEPENDENCE!!
  • 1 day Asian stocks down
  • 1 day IT IS FINISHED. OPEC Victorious
  • 1 day Maersk's COO statment.
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

When To Expect The Next Big Move In Oil?

Oil

January West Texas Intermediate crude oil futures are in a position to close stronger on Friday, but the move isn’t expected to be enough to prevent a lower close for the second consecutive week.

Buyers may also be showing a delayed reaction to Wednesday’s U.S. Energy Information Administration’s weekly inventories report which showed a bigger than expected drop in crude oil stocks. Traders may have also overreacted to a massive rise in gasoline and distillate stocks, drawing the attention of bargain-hunters. Traders are also saying that a surprise jump in Chinese crude demand and a threat of a strike in Africa’s largest oil exporter may also be underpinning the market late in the week.

WTI crude oil was pressured all week and especially on Wednesday after the U.S. Energy Information Administration (EIA) said crude oil stockpiles fell more than expected last week as refineries increased output, but gasoline and distillate inventories posted unexpectedly large builds. Traders drove prices higher initially on the crude oil news, but the rally was stopped and prices turned lower in reaction to the gasoline and distillate reports.

According to the EIA, crude inventories fell 5.6 million barrels in the week to December 1, compared with analysts’ expectations for a decrease of 3.4 million barrels. At 448.1 million barrels, crude stocks, not including the strategic petroleum reserve, were at their lowest since October 2015.

Gasoline…

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
-->