• 5 minutes Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 9 minutes Sell out now or hold on?
  • 16 minutes Oil prices going down
  • 3 hours Oil prices going down
  • 5 hours Oil and Trade War
  • 18 hours Two Koreas Agree To March Together At Asian Games
  • 5 hours When will oil demand start declining due to EVs?
  • 8 hours Sell out now or hold on?
  • 10 hours Correlation Between Oil Sweet Spots and Real Estate Hot Spots
  • 8 hours Russia and Saudi Arabia to have a chat on oil during FIFA World Cup - report
  • 5 hours venezuala oil crisis
  • 4 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 3 hours What If Canada Had Wind and Not Oilsands?
  • 3 hours After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
  • 9 hours Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 5 hours Germany Orders Daimler to Recall 774,000 Diesel Cars in Europe
  • 2 hours The Wonderful U.S. Oil Trade Deficit with Canada
  • 18 hours Geopolitical and Political Risks make their strong comeback to global oil and gas markets
  • 15 hours Trump Renews Attack On OPEC Ahead Of Group's Production Meeting
Alt Text

The Oil Giant That Saw Its Cash Reserves Plunge 90%

India’s top oil exporter has…

Alt Text

Energy Efficiency Adds Value To Home Prices

A new study has suggested…

Alt Text

China’s Oil Demand Could Take A Big Hit

In the last three years…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Why It Could Be A Good Time To Short Oil

Oil Rig

Sometimes I think that trying to trade a U.S. Energy Information Administration report is like opening a box of Cracker Jack. You never know what kind of prize you’re going to get. That being said, oil prices surged over 4 percent on Thursday after the weekly U.S. inventory report showed a shockingly large drawdown in crude stocks.

According to the EIA, U.S. crude stocks dropped 14.5 million barrels the week-ending September 2 to 511.6 million barrels. It represented the biggest weekly decline in stockpiles since January 1999. Oil analysts expected to see a 600,000 increase.

Serving as proof it wasn’t a math error, several hours earlier, the American Petroleum Institute said in its weekly report that U.S. crude inventories collapsed by 12 million barrels last week.

At least the API and EIA reports both showed a draw down. I don’t know what would’ve happened in the markets if one had called heads and the other tails. Also the nearly 24 hour lag between the API and EIA reports gave short sellers a little time to head for the hills.

The EIA said that the huge drawdown was caused by Hurricane Hermine, which led to the closing of some U.S. oil production facilities as well as limiting imports and shipping. Data shows that Gulf Coast crude imports hit the lowest levels on record last week, even though the storm ultimately missed Gulf facilities.

I live on the Gulf Coast of Florida and watched the storm develop for 10 days. It…

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