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The Situation in Venezuela is Actually Bullish for Prices – Tyler Richey Quoted in MarketWatch

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The near-term impact of the situation in Venezuela is actually bullish for prices from a supply standpoint says Tyler Richey

Oil prices end 3% higher for the week as Venezuela looks to run out of storage capacity

The near-term impact of the situation in Venezuela is actually bullish for prices from a supply standpoint, as its state-owned PDVSA has reportedly shut down an unknown amount of oil-well production due to a lack of sufficient physical oil storage and still largely locked-down port operations, said Tyler Richey, co-editor at Sevens Report Research.

Oil prices Friday also found support from unrest in Iran and Israeli threats of potential military strikes on Iranian oil infrastructure, which would impact supplies, said Richey.

Also, click here to view the full article published in MarketWatch on January 10th, 2026. However, to see the Sevens Report’s full comments on the current market environment sign up here.

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Sevens Report Co-Editor Quoted in MarketWatch

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Oil prices have found support from unrest in Iran Says Tyler Richey

Oil rises 3% this week — and not just because of Venezuela

For now, oil prices have found support from unrest in Iran, and from Israeli threats of potential military strikes on Iranian oil infrastructure, which would impact supplies, said Tyler Richey, co-editor at Sevens Report Research.

Venezuela continues to be in the spotlight, and the near-term impact of the situation there is actually also bullish for prices from a supply standpoint, Richey told MarketWatch.

The state-owned Petróleos de Venezuela, or PDVSA, has reportedly shut down an unknown amount of oil-well production due to a lack of sufficient physical oil storage and still largely locked-down port operations, he said.

That eventually could pressure prices lower, as Venezuela has nowhere to put the barrels still flowing out of the ground — leaving it in a very similar debacle to that which the U.S. found itself in back in April 2020, when storage hit capacity and some operators were forced to pay someone to take delivery of their oil, Richey noted. That might be an area where President Trump may want U.S. oil companies to step in with help.

That’s an amount of oil that will no longer be going to China or Russia — and the demand for those barrels hasn’t changed overnight, so they will need to be sourced elsewhere, “temporarily tightening global physical-market dynamics,” said Richey.

Also, click here to view the full article published in MarketWatch on January 9th, 2026. However, to see the Sevens Report’s full comments on the current market environment sign up here.

If you want research that comes with no long term commitment, yet provides independent, value added, plain English analysis of complex macro topics, then begin your Sevens Report subscription today by clicking here.

To strengthen your market knowledge take a free trial of The Sevens Report.

Join hundreds of advisors from huge brokerage firms like Morgan Stanley, Merrill Lynch, Wells Fargo Advisors, Raymond James, and more! To start your quarterly subscription and see how The Sevens Report can help you grow your business, click here.

Taking Stock of the Four Pillars of the Rally Ahead of 2026

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What’s in Today’s Report:

  • Taking Stock of the Four Pillars of the Rally Ahead of 2026
  • Weekly Market Preview: Can Year-End Window Dressing Push Stocks Higher?
  • Weekly Economic Cheat Sheet: Another Quiet Week, But The Labor Market Will Stay in Focus

Futures are modestly lower following a mostly quiet weekend of news and as the Trump/Zelensky meeting failed to produce material progress on peace in Ukraine.

Geopolitically, markets were hopeful that the Trump/Zelensky meeting over the weekend would yield a formal agreement, but it did not (just more “progress”) and oil prices are rising moderately (2%) in response.

Notably, gold, silver and copper are all down 2% – 4% pre-market but that’s likely due to year-end positioning.

Today the calendar is generally quiet so focus will be on any signs of geopolitical progress (Russia/Ukraine). Oil remains the best barometer for geo-political concerns and despite the bounce in oil this morning, geo-political concerns from the market remain low (despite numerous unsettled situations including Russia/Ukraine, China/Taiwan and, now, Venezuela).  There is also one economic report today, Pending Home Sales (E: 0.9%), but that shouldn’t move markets.

 

Sevens Report Analysts Quoted in MarketWatch on June 23rd, 2023

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Oil prices see weekly fall as central banks stoke recession worries

This heavy price action with repetitive tests of the same support and continuously weaker recoveries suggests the oil market is approaching a tipping point; poised to either break down to new 2023 lows or finally move beyond the $72-$73 area, triggering a squeeze as sentiment and positioning in the energy markets is very bearish, noted analysts at Sevens Report Research, in a Friday note. Click here to read the full article.

Sevens Report Co-Editor Tyler Richey Quoted in MarketWatch on April 19, 2021

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Oil prices gain as traders mull demand cues, supply prospects

There is some chatter about demand concerns “with new lockdown measures being imposed in India and other COVID-19 hotspots around the globe, however…” Tyler Richey, co-editor at Sevens Report Research, told MarketWatch. Click here to read the full article.

Sevens Report Quoted in MarketWatch on October 16, 2020

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“The not-too distant memory of negative oil prices still stings traders across the space as the threat of another supply chain crunch would rise exponentially with…” analysts wrote in the latest newsletter from Sevens Report Research. Click here to read the full article.

Sevens Report Co-Editor Tyler Richey Quoted in MarketWatch

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“Despite the efforts by global oil producers to curb production in order to balance the market over the last week, the world is still facing a massive demand issue,” Tyler Richey, co-editor at Sevens Report Research, told MarketWatch. “Until we see consumption of refined products begin to recover, resulting in…” Click here to read the full article.

Oil Rig

Tyler Richey Co-editor of Sevens Report Research Quoted in MarketWatch on January 17, 2020

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Oil prices had spent the front half of the week moving lower “largely thanks to lingering oversupply concerns and a continued unwind of the geopolitical fear bid that was triggered by the U.S.-Iran…” said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.

Oil Rig

Sevens Report Quoted in Market Watch on April 9, 2019

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The Energy Information Administration report on U.S. petroleum supplies due Wednesday “will likely be the most-important catalyst for the energy market this week. The closure of the Houston Ship Channel in recent weeks has likely skewed…” wrote analysts at the Sevens Report. Click here to read the full article.

Oil Update & What It Means for the Market, July 20, 2017

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The Sevens Report is the daily market cheat sheet our subscribers use to keep up on markets, seize opportunities, avoid risks and get more assets.

Yesterday’s weekly inventory report from the EIA was universally bullish on the headline level as there were sizeable draws in crude oil stockpiles as well as in the refined products. The market responded favorably to the supply drops and WTI futures finished the day up 1.61%.

Beginning with those aforementioned headlines, commercial crude oil stocks fell –4.7M bbls last week, larger than analysts expectations of –3.1M and opposite from the API report that showed a build of +1.628M bbls.

Gasoline supply fell –4.4M bbls yesterday, and while that was less than the draw reported by the API (-5.4M) it was much larger than the average analyst estimate of –600K bbls.

Distillate inventories also fell –2.1M vs. (E) -700K rounding out a broadly bullish set of headlines in the report.

The details of the report however, once again showed a continuation in the bearish trend of rising US production. Lower 48 production (which filters out the seasonally volatile Alaskan data) rose another +30K b/d last week, above the 2017 average pace of +26K b/d to

8.97M b/d. Lower 48 production is now up +729K b/d so far in 2017, the highest level since late July 2015.

Bottom line, a string of supply draws over the last three weeks in crude oil and gasoline stocks totaling –18.6M bbls and –9.8M bbls, respectively, has offered the market some support, and helped curb a decline that pushed oil prices down to new 2017 lows. And with sentiment being very bearish coming into the month of July, the market was due for an upside correction. But, the underlying fundamentals remain bearish and as of now, we believe this is a counter-trend rally in an otherwise still broadly downward trending energy market. We won’t fight the rising tide, and a run at $50/barrel in WTI is very plausible, but we will be looking for signs of the trend to break in the weeks ahead and for the market to turn back lower based on fundamentals, market internals (term structure), and longer term technicals.

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