• 6 minutes U.S. - Saudi Arabia: President Trump Says Saudi Arabia's King Wouldn't Survive "Two Weeks" Without U.S. Backing
  • 10 minutes Iranian Sanctions - What Are The Facts?
  • 15 minutes U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 2 hours Can the World Survive without Saudi Oil?
  • 10 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 2 days COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 1 day $70 More Likely Than $100 - YeeeeeeHaaaaa
  • 9 hours German Voters Set to Punish Merkel’s Conservative Bloc
  • 1 day How Long Until We Have Working Nuclear Fusion Reactor?
  • 2 days China Thirsty for Canadian Crude
  • 4 hours Threat: Iran warns U.S, Israel to expect a 'devastating' revenge
  • 2 days China Tariff Threatens U.S. LNG Boom
  • 10 hours Saudi A Threatens to Block UN Climate Report
  • 2 days Cruise ship could get a 100'000$ fine for using illegal bunker fuel
  • 2 days UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 2 days China auto sales sink
  • 8 hours Nothing new in Middle East? Iran Puts On 'Show Of Strength' Military Exercise In Gulf
Alt Text

Why The Saudis Can’t Keep A Lid On Oil Prices

Oil prices continue to rise…

Alt Text

Oil Experts Divided As Iran Sanctions Loom

The world’s top oil trading…

Alt Text

Egypt Feels The Squeeze Of Higher Oil Prices

Egypt has just realized one…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

The Trend Is Down, But Short Covering Can Happen Anytime

March Crude Oil futures continued to weaken the week-ending January 15 as the market continued to get hit from bad news on both the supply and demand side of the equation.

(Click to enlarge)

After finding support early in the week due to the relative calm in the global equity markets and renewed interest in higher risk assets, U.S. crude oil erased its gains after the U.S. Energy Information Administration released its weekly inventory report. The report showed that inventories of crude at Cushing, the futures market delivery hub, climbed to a record high and that gasoline and distillate inventories climbed more than expected.

According to the EIA, crude stockpiles in Cushing, Oklahoma, rose by 97,000 barrels in the week ending January 8. Total inventories of crude at Cushing climbed to a record high of 64m barrels.

Overall U.S. crude inventories rose by 234,000 barrels the previous week, smaller than the 2m barrels that traders had estimated. U.S. crude stocks rose to 482.6m barrels, keeping the inventory within striking distance of levels for this time of year not seen in the last 80 years.

Inventories of gasoline increased by 8.4m barrels in the week-ending January 8, following a 10.6m barrel increase the last day of 2015. The current increase was greater than the 8.4m barrel rise forecast by analysts.

The bearish report drove the expiring February Crude Oil futures contract below $30.00 for the first time in 12 years. In addition…

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