• 3 minutes This Battery Uses Up CO2 to Create Energy
  • 5 minutes Shale Oil Fiasco
  • 9 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 12 minutes Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 24 hours Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 1 hour Demand for Diesel vs. Oil
  • 10 hours Which type of Hegemony will China follow
  • 1 day Governments that wasted massive windfalls
  • 2 hours Yesterday POLEXIT started (Poles do not want to leave EU, but Poland made the decisive step towards becoming dictatorship, in breach of accession treaty)
  • 1 day Here is Why People Lose Money Trading Natural Gas
  • 1 day We're freezing! Isn't it great? The carbon tax must be working!
  • 3 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 17 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 1 day Let’s take a Historical walk around the Rig
  • 1 day US Shale: Technology
  • 1 day 2nd Annual Great Oil Price Prediction Challenge of 2019
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Oil Market Forecast & Review 30th August 2013

Oil Market Forecast & Review 30th August 2013

Speculative buyers drove October Crude Oil futures higher this week following reports of an imminent attack on Syria by the United States. On August 27, headline news across the world drove investors out of higher-risk assets and into lower-yielding investments.

Additionally, in almost blueprint-like fashion, speculators bought crude oil on concerns the military action against Syria would lead to disruptions in the supply of oil coming out of the Middle East.

The oil market surged to a two year high on August 28, but the rally came to a screeching halt when investors began to question the length and scope of the possible attack.

Comments from U.S. President Barack Obama apparently put some doubt into the minds of speculators when he said that a “tailored, limited” military style strike could be enough to deter any future use of chemical weapons. This comment dampened rumors of Russia, China and other Syrian allies getting involved after the initial attack. Essentially, speculators who bought oil in anticipation of a long-term conflict pared positions due to the uncertainty around the length of the potential attack.

At the same time President Obama was helping to put in a top, the U.S. Energy Information Administration (EIA) released its weekly petroleum inventory report. The report showed that crude inventories increased by 3 million barrels last week. In addition, crude oil inventory reached 362 million barrels, keeping it near the…




Oilprice - The No. 1 Source for Oil & Energy News