• 7 minutes Get First Access To The Oilprice App!
  • 11 minutes Japanese Refiners Load First Iran Oil Cargo Since U.S. Sanctions
  • 13 minutes Oil prices forecast
  • 17 minutes Renewables in US Set for Fast Growth
  • 3 hours Chinese FDI in U.S. Drops 90%: America's Clueless Tech Entrepreneurs
  • 14 mins Socialists want to exorcise the O&G demon by 2030
  • 21 hours Is Natural Gas Renewable? I say yes it is.
  • 3 hours Oceans "Under Fire" Of Plastic Trash
  • 6 hours Good Marriage And Bad Divorce: Germany's Merkel Wants Britain and EU To Divorce On Good Terms
  • 1 day Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 4 hours Duterte's New Madness: Philippine Senators Oppose President's Push To Lower Criminal Age To 9
  • 23 hours Making Fun of EV Owners: ICE-ing Trend?
  • 22 hours Emissions from wear of brakes and tyres likely to be higher in supposedly clean vehicles, experts warn
  • 13 hours Cheermongering about O&G in 2019
  • 13 hours North Sea Rocks Could Store Months Of Renewable Energy
  • 5 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 1 day Orphan Wells

Breaking News:

Oil, Gas Industry Fears Skills Shortage

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

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



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