• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 10 hours EU has already lost the Trump vs. EU Trade War
  • 2 days Science: Only correct if it fits the popular narrative
  • 3 hours Impeachment S**te
  • 2 days Crazy Stories From Round The World
  • 13 hours Pope Proposes New Sin: Thou Shalt Not Destroy The Harmony Of The Environment
  • 17 hours Everything You Need To Know About Trump
  • 10 hours 55.00 WTI
  • 12 hours Water, Trump, and Israel’s National Security
  • 1 day IEA predicts oil demand will grow annually at 1 million barrels a day for the next 5 years
  • 2 days Iran Burning: Shock Gas Price Hike Triggers Violent Protests After Subsidy Cuts
  • 10 hours Visualizing Pennsylvania Oil & Gas Production (Through September 2019)
  • 1 hour Article: Did Exxon only make $39 Million onshore U.S. last quarter ?
  • 2 days Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 2 days ‘If it saves a life’: Power cut to 1.5 million Californians
  • 18 hours Last I Checked
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Why Oil Prices Failed To Hit $80

rig

U.S. West Texas Intermediate crude oil futures are in a position to post a technically bearish closing price reversal top on the weekly chart. While this chart pattern may not lead to a change in the trend, it doesn’t indicate that the selling is greater than the buying at current price levels.

Some of the selling pressure may have been fueled by the Tweet from President Trump over the weekend that said he had reached an agreement with the Saudis to increase production by as much as 2 million barrels per day, but we all know that the number was well off the amount the Saudis could conceivably deliver at this time. However, it did increase the focus on the tremendous supply issues the crude oil market is facing at this time. The news also brought attention to reports of increasing Saudi production.

Most of the talk this week has been about supply with a few smatterings of comments on demand.

This week’s price action indicates the market appears to have absorbed the recent announcement that an OPEC-led group and Russia will raise output by about 1 million bpd. Most of the rally has been fueled by supply disruptions in Canada, Venezuela and Libya as well as the looming sanctions against Iran.

Earlier in the week, Reuters reported that OPEC pumped 32.32 million bpd in June, up 320,000 bpd from May. The June total is the highest since January 2018.

King Salman said Saudi Arabia is ready to deploy the nation’s spare capacity to add…




Oilprice - The No. 1 Source for Oil & Energy News