• 3 minutes Natural gas is crushing wind and solar power
  • 7 minutes OPEC and Russia could discuss emergency cuts
  • 11 minutes Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 29 mins So the west is winning, is it? Only if you’re a delusional Trump toady, Mr Pompeo, by Simon Tisdall
  • 5 hours Fight with American ignorance, Part 1: US is a Republic, it is not a Democracy
  • 3 hours Blowout videos
  • 1 hour Question: Why are oil futures so low through 2020?
  • 10 hours Charts of COVID-19 Fatality Rate by Age and Sex
  • 4 hours Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 4 hours The Arithmetic Of Fracking
  • 8 hours CDC covid19 coverup?
  • 9 hours “The era of cheap & abundant energy is long gone. Money supply & debt have grown faster than real economy. Debt saturation is now a real risk, requiring a global scale reset.”"We are now in new era of expensive unconventional energy
  • 18 hours Shorting Gold
  • 1 day Peak Shale Will Send Oil Prices Sky High
  • 2 days Phase One trade deal, for China it is all about technology war
Alt Text

Peak Shale Will Send Oil Prices Sky High

With much of the cheap…

Alt Text

Goldman Slashes Oil Price Forecast By $10

Goldman has doubled down on…

Alt Text

The Ticking Time Bomb That Could Crush Oil Markets

Libya’s oil production is down…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Premium Content

Short Covering Halts Oil Price Rout

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are in a position to close lower for the week, but a rally on Friday is helping traders claw back some of those losses.

Crude oil has been under pressure for more than two weeks as concerns over supply were outweighed by renewed worries over demand. These worries were elevated this week because of weaker-than-expected U.S. economic data. At the start of the week, oil traders were expressing confidence in the U.S. economy, but are now worried that the slowing global economy has reached the U.S. shores.

Contributing to the early weakness was a larger-than-expected build in U.S. crude inventories according to a government report on Wednesday. This surprise news drove prices sharply lower because it followed a report from the American Petroleum Institute (API) on Tuesday that showed an unexpected drawdown. This created uncertainty for traders.

Prices were also being pressured by the news that Saudi Aramco had restored full oil production and capacity to the levels they were at before attacks on its facilities on September 14. However, perhaps slowing down the selling pressure were reports showing production declines in the United States, Russia and OPEC.

U.S. Energy Information Administration Weekly Inventories Report

On Wednesday, the EIA reported an inventory build of 3.1 million barrels for the week-ending September 27. Analysts were looking for a build of 2.4 million…




Leave a comment

Leave a comment




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