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  • 4 minutes IMPORTANT ARTICLE BY OILPRICE.COM EDITOR - "Naked Short Selling: The Truth Is Much Worse Than You Have Been Told"
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 1 hour Texas forced to have rolling black outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 1 day Wednesday Nikki Haley reached out to Trump for meeting at Mar-a-lago. Trump said No ! You blew it Nikki . . .
  • 1 day NYT:  The Supreme Court’s order (Re:  Trump’s tax returns) set in motion a series of events that could lead to the startling possibility of a criminal trial of a former U.S. president
  • 10 mins Retired RAF pilot wins legal challenge over a wind farm
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  • 11 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
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  • 10 hours Chance for (Saudi)Arabian peninsula having giant onshore Gas too?
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  • 13 hours Pipeline vs Train vs Ship to Transport Crude Oil.
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

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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…





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