• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 min GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 4 hours The United States produced more crude oil than any nation, at any time.
  • 24 hours China deletes leaked stats showing plunging birth rate for 2023
  • 6 hours The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Bad news for e-cars keeps coming
The World’s 8 Biggest Mining Countries

The World’s 8 Biggest Mining Countries

The global landscape of material…

Green Hydrogen Hype Gets Dose of Reality

Green Hydrogen Hype Gets Dose of Reality

As hydrogen plans become more…

Oil Prices Rebound Ahead Of API Data As OPEC JTCC Sees Tighter Market

Oil prices resumed their climb on Tuesday ahead of the American Petroleum Institute inventory report later in the day, with both crude oil benchmarks regaining some of the lost ground from earlier in the week.

By 1:39 p.m. ET, WTI had reclaimed a price above $95 per barrel, gaining 2.15% on the day to reach $95.91 per barrel. Brent crude rose $2 per gallon (+2%) to $102.00 per barrel.

Both benchmarks were trading down earlier in the week on disappointing data from China that suggested the demand for crude was easing. But on Tuesday, as the OPEC JTCC reduced its outlook for a market surplus for this year and Speaker Nancy Pelosi safely landed in Taiwan despite China’s posturing and speculation.

The price of WTI is now even with a week ago, with Brent crude still down $3 per barrel on the week.

Earlier on Tuesday, OPEC’s Joint Technical Committee estimated that this year’s global oil market surplus would be 800,000 bpd—a downward revision of 200,000 bpd from last month’s estimate. Hours later, U.S. Speaker of the House Nancy Pelosi made her way to Taiwan without incident.

Later on Tuesday, the American Petroleum Institute will report its estimate of crude oil and oil products inventories. Analysts are projecting that crude oil stocks fell 467,000 barrels last week, despite millions of barrels leaving the nation’s Strategic Petroleum Reserves during the week.

The full OPEC+ group, including Russia, is set to meet on Wednesday to determine the group’s production strategy for September. The group has officially rolled back the full amount of the targets as of August, although the group has so far seriously undershot its production targets by millions of barrels a day.

By Julianne Geiger for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • DoRight Deikins on August 02 2022 said:
    « seriously unshot » I think you mean *seriously undershot".

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News