Recent hurricane activity in the US has overshadowed a report from the International Energy Agency which showed daily Crude Oil production from OPEC climbed by 420,000 barrels for the month of August to just over 32 million barrels per day.
That increase in output has more than made up for the potential decline in Iranian production due to US economic sanctions.
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With this in mind, we see topping patterns in both WPL and OSH on the daily charts.
We don’t have recent signals on either stock at the moment.
However, we would expect the recent increase in production, coupled with the risk of lower demand, will put downside pressure on both of these names over the near term.
Woodside Petroleum
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