• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 16 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 14 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 16 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 4 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 1 day U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 1 day Nord Stream - US/German consultations
  • 4 days An Indian Opinion on What is Going on in China
  • 4 days Can Technology Keep Coal Plants Alive and Well?
  • 5 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 19 hours Forecasts for Natural Gas
  • 1 day Australia sues Neoen for lack of power from its Tesla battery
  • 4 days Storage of gas cylinders
  • 5 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
Martin Tillier

Martin Tillier

More Info

Premium Content

Why The Outlook For Oil Prices Shifted This Week

A couple of weeks ago, I wrote here that crude was stuck in a range and would probably remain so until something drastic happened to change fundamental conditions and expectations. I also said that until that came, I would be trading with a long bias, which worked out pretty well. Over the ensuing week, CL gained around 8%...

This week, however, has been a different story. It started out okay, with CL bouncing off a lower opening to consolidate those gains, but that all changed on Tuesday, when oil dropped on a report of progress with a proposed piece of legislation in the US Congress. That legislation, known as NOPEC, would make OPEC subject to American anti-trust law, raising the prospect of the cartel being sued for propping up oil prices.

As appealing as that is to someone who believes in the power of free markets, the legislation itself means very little. US courts would have no power to enforce any ruling against an international organization like OPEC so, like a lot of things political, this is about pandering, and empty gestures more than it is anything powerful, or useful. Still, there are reasons to believe that an increased chance of NOPEC passing, along with the Biden administration’s focus on climate change and green energy this week, could be the kind of game-changer that I talked about two weeks ago.

As I said, NOPEC doesn’t pose any real, long-term threat to OPEC, but given current circumstances, it could prove to be the…

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News