Oil Was Flat Again This Week, With Catalysts For Growth Slim

Image of oil drums
From Evan Kelly: Oil was flat this week as rising U.S. shale production and a bearish inventory report continued to put pressure on WTI and Brent.
NYSE:USO January 21, 2017 9:00am

Here’s Why Oil Prices Tanked Yesterday

From OilPrice.com: The American Petroleum Institute (API) reported a larger than expected draw in commercial crude supplies in its Wednesday report.
NYSE:USO January 19, 2017 7:03am

With OPEC Meetings Looming, Here’s Where Oil Production Cuts Stand

From Damir Kaletovic: OPEC will present its Monthly Oil Market Report on the 18th of January, at a time when OPEC and non-OPEC members are making their first production cuts in line with the 30th of November deal—the first cut deal in eight years.
NYSE:USO January 17, 2017 9:21am

Here’s Why The USO Dropped 2.3% This Week

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From Evan Kelly: Oil prices are set to close out the week slightly down. Speculators have taken a breather on bullish bets, which is taking the momentum out of the rally. Meanwhile, U.S. oil data is also putting downward pressure on crude (see below).
NYSE:USO January 14, 2017 8:57am

EIA Predicts Oil Prices Will Go Absolutely Nowhere In 2017

From Tsvetana Paraskova: As a result of rising oil prices in December, the U.S. Energy Information Administration has increased its forecast for both Brent and WTI crude oil prices by $2, and now sees Brent prices averaging $53 and WTI averaging $52 per barrel this year.
NYSE:USO January 13, 2017 9:02am

Simple Math Proves The OPEC Deal Will Fall, Along With Oil Prices

From Todd Royal: The basic laws of supply and demand can easily cause the OPEC production cuts to not work, but there are other factors to also consider. These factors include U.S. shale production, political stability returning to Libya and Nigeria, the amount of oil sitting in storage and rising role of renewable energy.
NYSE:USO January 12, 2017 11:23am

Oil’s Technicals Suggest Another Major Downturn Is Coming

From Corey Rosenbloom: Crude Oil gives us a textbook example of a reversal pattern – with negative divergences – into resistance.

Here’s Why Oil Prices Will Likely Stay Around $50 Per Barrel Indefinitely

Image of an oil derrick with blue sky
From Art Berman: An OPEC production cut offers oil producers hope for higher prices in 2017. But there is a dark cloud hanging over that expectation. Global storage inventories must be substantially reduced before higher oil prices can be sustained. Some of U.S. tight oil has nowhere to go but into storage because it can neither be refined nor exported.
NYSE:USO January 11, 2017 6:31am

There Are No Catalysts Left For Oil Price Growth

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From Nick Cunningham: Oil prices faltered at the start of the second week of the year, as fears set in about a rapid rebound in U.S. shale production. For the better part of two months, optimism surrounding the OPEC deal has buoyed oil prices, but bullish sentiment from speculators are showing early signs of abating, raising the possibility that the oil rally is running out of steam.
NYSE:USO January 10, 2017 9:09am

Iraq Might Already Be Violating The OPEC Production Cut Agreement

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From OilPrice.com: Only a week into the new year, many oil market experts are beginning to wonder if OPEC will be able to follow through with its production cuts.
NYSE:USO January 9, 2017 7:41am

Here’s Why Oil Prices Went Sideways This Week

From SCS OTC Corp: WTI traded in a $52.11 - $55.25 range this week driven by sharp moves in currencies, updates related to good and bad behavior on production cuts from OPEC and non OPEC exporters and a poor EIA report.
NYSE:USO January 7, 2017 8:55am

It Looks Like OPEC Is Finally Beginning To Cut Production, As Promised

From Charles Kennedy: A newly released survey by Reuters indicates that OPEC oil output in December fell from its record high - for the first time since May - falling to 34.18 million barrels per day, down from 34.38 million in November.
NYSE:USO January 6, 2017 6:27am

Oil Prices Jump On Massive Inventory Draw

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From Charles Kennedy: The American Petroleum Institute (API) has reported a sizable draw on U.S. crude oil inventories, down 7.4 million barrels over the previous week—a much larger draw than expected, and the fifth draw in seven weeks.
NYSE:USO January 5, 2017 6:39am

Goldman Sachs Sees Little Upside For Oil This Year

Image of an oil derrick with blue sky
From Tsvetana Paraskova: On the back of OPEC cuts, Goldman Sachs expects WTI oil prices to rise to US$57.50 in the first half this year as reduced supply would move the market into deficit and draw down the current large oversupply, ZeroHedge reports, citing Goldman’s Allison Nathan view of “what keeps Goldman up at night” about this year’s commodity and currency markets and global political and economic policy developments.
NYSE:USO January 4, 2017 6:12am

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