• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 6 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 17 hours Once seen as fleeting, a new solar tech proves its lasting power
  • 5 days "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 8 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 8 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas

Breaking News:

Oil Should Stay In Triple Digits: Analyst

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