• 4 minutes Will Libya Ever Recover?
  • 9 minutes USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 13 minutes What Can Bring Oil Down to $20?
  • 16 minutes Venezuela continues to sink in misery
  • 13 hours Alberta govt to construct another WCS processing refinery
  • 3 hours Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 7 hours Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 4 hours Instead Of A Withdrawal, An Initiative: Iran Hopes To Agree With Russia And Turkey on Syrian Constitution Forum
  • 14 hours Let's Just Block the Sun, Shall We?
  • 5 hours Water. The new oil?
  • 1 day U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 5 mins Storage will in time change the landscape for electricity
  • 1 day Quebecans Snub Noses at Alberta's Oil but Buy More Gasoline
  • 3 hours Regular Gas dropped to $2.21 per gallon today
  • 2 days OPEC Cuts Deep to Save Cartel
  • 2 days Global Economy-Bad Days Are coming

Will OPEC Meet Expectations?

Bulls

Friday November 24, 2017

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. U.S. gasoline demand hits seasonal record

(Click to enlarge)

- Ahead of the Thanksgiving holiday, U.S. drivers filled up their tanks at the fastest rate in history for this time of year.
- Gasoline demand hit 9.6 million barrels per day in the week ending on November 17, a record high.
- Gasoline stocks are down to 210 million barrels, at the lower end of the five-year average range for this time of year.
- Refining runs are elevated, and gasoline production soared for the week. The robust figures could be a one-off anomaly due to the holidays, but demand looks strong, which should help drain crude inventories and boost prices.

2. Oil market in danger of slide if OPEC doesn’t deliver

(Click to enlarge)

- OPEC and Russia have raised expectations about their actions at the upcoming meeting to such a degree that anything short of an extension of the production limits through the end of 2018 will leave the oil market deeply disappointed.
- Adding to the danger is the fact that hedge funds and other money managers have staked out an incredible number of bullish bets on crude, exposing the market…

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