• 3 minutes Shale Oil Fiasco
  • 7 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 12 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 16 minutes Global Debt Worries. How Will This End?
  • 2 hours americavchina.com (otherwise known as OilPrice).
  • 1 day Everything you think you know about economics is WRONG!
  • 1 day Wallstreet's "acid test" for Democrat Presidential candidate to receive their financial support . . . Support "Carried Interest"
  • 2 days Democrats through impeachment process helped Trump go out of China deal conundrum. Now Trump can safely postpone deal till after November 2020 elections
  • 1 hour Forget The Hype, Aramco Shares May be Valued At Zero Next Year
  • 8 hours Natural Gas
  • 5 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 2 days Judiciary impeachment: Congressman says Sean Misko, Abigail Grace and unnamed 3rd (Ciaramella) need to testify.
  • 15 hours Winter Storms Hitting Continental US
  • 1 day 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 2 days Quotes from the Widowmaker
  • 2 days Tesla Launches Faster Third Generation Supercharger
  • 4 hours My interview on PDVSA Petrocaribe and corruption
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Bearish Factors Are Piling Up For Crude

Bearish Factors Are Piling Up For Crude

May West Texas Intermediate crude oil futures are in a position to finish lower for a second week. The fundamentals are bearish and the weekly technical chart pattern indicates that a key, long-term uptrending Gann angle has been breached. It seems like it’s just a matter of time before the market begins to accelerate to the downside.

The bearish factors are started to pile up and selling pressure is beginning to mount, which could force the hedge funds to start liquidating their massive long positions. Helping to weigh on prices are a stronger U.S. Dollar, signs of an inventory build at the U.S. futures delivery hub in Cushing, Oklahoma, surging U.S. crude production and investor concerns over a potential trade war.

The U.S. Dollar

The dollar is rebounding at the end of the week after a short-term break. This is helping to pressure foreign demand for crude oil. A weaker Euro and expectations for as many as four interest rates hikes this year are helping to underpin the Greenback.

The EIA Report

According to the U.S. Energy Information Administration, U.S. crude inventories rose by 2.4 million barrels in the week-ended March 2, compared with analysts’ expectations for an increase of 2.7 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 605,000 barrels, the EIA said, the 11th straight week of declines.

Weekly data from the U.S. Department of Energy also showed weekly U.S. crude production hit a…




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