WTI oil prices are struggling to maintain the $80 level, as selling pressure continues to mount in response to supply trends that are undeniable. Last week’s report the Saudis had supplied less oil to the market seemed to miss the point that overall production increased. The Saudis have ramped a new refinery, and their direct burn of crude oil for electrical generation is another factor swinging their sales to the open market. Several weeks of large US crude oil inventory builds have been another factor in pushing prices lower. The realization is finally upon the markets that there is a supply glut.
Energy Overview — TotalView™ of the Energy Markets