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

How To Spot Top E&P Stocks In 2018

As sentiment in oil markets…

Alt Text

Clean Energy Stocks Outperform Oil And Gas

Green energy stocks saw tremendous…

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 31st January 2014

Crude oil futures surged this week as traders appeared to be unfazed by a few of the traditional fundamentals that should have curtailed the upside action.

This week, the Energy Information Administration (EIA) reported that U.S. crude oil stocks jumped 6.4 million barrels during the week-ended January 24. Analysts were looking for the data to show a 2.1 million barrel increase.

Prices rallied despite production increases after cold weather shut down many U.S. refiners in the Midwest and East Coast the previous week. A greater than expected increase in crude oil imports also contributed to the increase in supply.

The hard numbers show that supply stood at 357.6 million barrels the week-ended January 24. This represented a 4.17% surplus to the EIA five-year average of 343.34 million barrels. The EIA also reported that refinery utilization rates rose 1.7 percentage points to 88.2%. The break in the cold weather allowed the Midwest refiners to increase production by 6.6 percentage points to 94%.  

The weekly price gain could have been greater if not for the break in the equity markets and the additional reduction of monthly monetary stimulus by the U.S. Federal Reserve that tends to drive up the U.S. Dollar. Since crude oil is dollar-denominated, a stronger Greenback usually means lower foreign demand.

Despite the rally in crude oil, traders still have to be concerned about the possible impact on demand if the emerging-market sell-off reaches…

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