• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 38 mins Is Europe heading for winter of discontent with extensive gas shortages?
  • 19 hours Sand Powered Batteries for Heating Industries and Homes
  • 5 days Once seen as fleeting, a new solar tech proves its lasting power
  • 5 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 10 hours "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 10 hours "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 2 days Bloomberg - "Hedge Funds Hit by ‘Onerous’ ESG Rule Turn to Lawyers for Help"
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

When To Expect The Next Big Move In 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…




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