• 6 minutes Corporations Are Buying More Renewables Than Ever
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 23 minutes Starvation, horror in Venezuela
  • 7 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 1 day Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 1 day Renewable Energy Could "Effectively Be Free" by 2030
  • 1 day Saudi Fund Wants to Take Tesla Private?
  • 12 mins China goes against US natural gas
  • 2 days The Discount Airline Model Is Coming for Europe’s Railways
  • 2 days Mike Shellman's musings on "Cartoon of the Week"
  • 2 days Venezuela set to raise gasoline prices to international levels.
  • 2 days Pakistan: "Heart" Of Terrorism and Global Threat
  • 2 days Are Trump's steel tariffs working? Seems they are!
  • 7 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 3 days Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 1 day Why hydrogen economics does not work
Alt Text

Iran’s Latest Tactic To Save Market Share

Iran cut oil prices for…

Alt Text

Oil Prices Hit 7-Week Low As Trade War Heats Up

Oil prices traded close to…

Alt Text

Saudi Arabia And Iran Reignite The Oil Price War

As U.S. sanctions on Tehran…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Gasoline Glut Sees Oil Hover Around Retracement Zone

Crude oil traders acted like they had just awakened from a deep sleep on Thursday when they drove the September futures contract into its lowest level since April 26. Prices dropped more than 1 percent after traders finally reacted to the rise in U.S. gasoline inventories that pushed supplies in the U.S. to a record high.

U.S. West Texas Intermediate crude for September delivery settled at $44.55, down 2.10 or 4.50% for the week and there is still one more session before the week-end. Given the bearish momentum into Thursday’s close, sellers could hit the market again even harder, leading to a potentially bearish follow-through move next week.

With the market facing downside risks over the near-term, there is no question that long investors are going to tighten up sell stops under key support areas that when touched off, could trigger a further acceleration to the downside.

After focusing primarily on the ninth consecutive drawdown as reported by the U.S. Energy Information Administration on July 20, traders appear to have gotten a wake-up on Thursday when they realized how big the gasoline supply had grown during the same time period.

The EIA reported a crude inventory drop of 2.3 million barrels in the week-ending July 15, however, total inventory remained near a historically high 519.5 million barrels for this time of the year.

More importantly, total U.S. crude and oil products stocks rose 2.62 million barrels to an all-time high of…

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