• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 12 hours Satellite Moons to Replace Streetlamps?!
  • 1 day US top CEO's are spending their own money on the midterm elections
  • 5 hours EU to Splash Billions on Battery Factories
  • 9 hours U.S. Shale Oil Debt: Deep the Denial
  • 17 hours The Balkans Are Coming Apart at the Seams Again
  • 2 hours Owning stocks long-term low risk?
  • 1 day OPEC Is Struggling To Deliver On Increased Output Pledge
  • 5 hours The Dirt on Clean Electric Cars
  • 1 day Uber IPO Proposals Value Company at $120 Billion
  • 19 hours 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 1 day A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 1 day 10 Incredible Facts about U.S. LNG
  • 7 mins The end of "King Coal" in the Wales
Alt Text

Trump’s Tariffs Lead To Selloff In Oil Markets

The announcement of the Trump…

Alt Text

Green Bonds Are A Huge Boost For Renewables

The growing popularity of ‘green…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Oil Market Forecast & Review 15th November 2013

January crude oil futures reached a five-month low this week, however, oversold conditions and technical support points stopped the slide, putting the market in a position to post a potentially bullish weekly closing price reversal bottom. Although the fundamental picture still indicates the presence of supply concerns, the price action seems to be suggesting that the market is stabilizing, making it ripe for a potential short-covering rally.

This week, the market was hit by two bearish oil inventory reports. On Wednesday, the American Petroleum Institute said that U.S. crude inventories rose by 600,000 barrels last week. On Thursday, the U.S. Energy information Administration reported that crude supplies rose more than expected the previous week. Crude oil supply was up 2.6 million barrels for the week-ended November 8. Analyst estimates were looking for supply to rise by 1.8 million barrels.

These reports suggest the potential for further downside action, but the market stopped going down. Although technical traders will cite oversold conditions and chart points for the developing rebound, something else may be helping to put in a bottom and that something may be the rising spread between Brent and crude oil contracts. Currently, this spread stands at $14.93 a barrel, the widest since April 2013.

Brent oil prices were well-supported in recent trading sessions amid growing concerns over a disruption to supplies from Libya and after talks aimed at curbing…

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