Skip to comments.Oil Teetering On The Brink Of Bear Market On Coronavirus Fears
Posted on 01/30/2020 3:41:50 PM PST by bananaman22
Since the outbreak of the coronavirus in China, oil prices have lost more than 10 percent, and are now at their lowest levels since early October 2019.
Even with Libyas oil production plummeting by nearly 1 million barrels per day (bpd) due to the port blockade by forces loyal to General Khalifa Haftar, oil prices have seen downward pressure over the past week and a half as fears of oil demand destruction currently outweigh supply outages.
(Excerpt) Read more at oilprice.com ...
Sell Mortimer! Sell.
Its a good thing that the USA is energy independent. Thank you, President Trump!
JUST LIKE PUTIN WANTED!!!!
These articles are designed to create better buying opportunities.
And just about to rip the heads off oil shorts.
Whos happier Putin or the OPEC sheiks if No Fracking Warren gets elected?
Blog clickbait, on the other hand, is up 280%.
(Excerpt) Read more at oilprice.com ...
Here is the rest.
Yesterdays EIA inventory report was also not supportive for oil prices, after the Energy Information Administration reported a build in oil inventories of 3.5 million barrels for the week to January 24. Analysts had expected a draw of 460,000 bpd, after last week the EIA reported a draw of 400,000 bpd for the seven days to January 17.
According to oil market analysts, until the impact of the Wuhan virus on the Chinese economy and oil demand becomes clearer, market participants will continue to be spooked by the specter of waning oil demand at a time when demand is weakest in the year.
Related: Why The Coronavirus Is A Real Threat To Oil Markets
The Wuhan virus outbreak and its economic fall-out on Asia, the engine room of the world, remains the most crucial issue facing oil markets, with any rally likely to have short half-lives, Jeffrey Halley, senior market analyst at OANDA, told Reuters.
There is the risk that sentiment gets hit further in the near term, ING strategists said on Thursday, noting that A number of international flights to China have been cancelled and if this trend continues in the coming days and weeks it will likely only deepen demand concerns.
Yet, if losses in Libyas oil supply to the market persist for longer, they would be enough to tip the oil market into deficit this quarter, ING strategists Warren Patterson and Wenyu Yao said.
By Tsvetana Paraskova for Oilprice.com
I wonder if Venezuela is still sending free heating oil to Massachusetts this winter? I wonder if all the Kennedy’s are still on Venezuela’s payroll?
The Plan is working!
Drill Baby, Drill = Seven Days to the River Rhine.
You do know that ALL the oil here doesn’t have to be sold in the United States and much isn’t.
Unless you’re thinking of a govt takeover in the event the govt needed the oil.
Saying the USA is energy independent sounds more like something a dictatorship can say, because all the oil belongs to them.
That’s not the case here.
Not going the way Georgie Porgie Soros wanted, eh? LOL!
Being energy independent means you export more than you import.
It has nothing to do with govt propaganda.
Thanks, but go back to socialist school.
What? When people in America say that America is energy independent they mean that if the rest of the world put put in oil embargo on the United States we would be just frickin fine. Whats all this dictator would say crap youre talking about?
Gasoline below 2 bucks a gallon by March. I afford to drive the motorhome to Florida. Yesss!!!!
We are energy independent and can produce all the oil we need right here. The market, so long as we adhere to the market system, will keep sufficient oil in America should the Middle East get cut off by war. Oil prices will , of course, rise domestically but we will have all we need and the prices will not rise nearly so catastrophically as they did during the Carter Embargo or the run-up to $140 more recently.
“” “” These articles are designed to create better buying opportunities.”” “”
Do you think so? To me oil is in downtrend since 2012.
It is near 8 years of bear market now and the price is less than half the 2012 highs.
Paid $2.29 for Premium the other day...and oil has dropped a bit since then.
I thought with the fracking boom domestic energy stocks were up but its true, I dont follow them very much.
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