I wanted to send a special update regarding the Global Energy Conference I am attending here in Geneva. This is A yearly conference that brings all major players of Petroleum, Natural Gas, Electricity, Power and Renewables Industries together to discuss current challenges and opportunities. Obviously, the big question and discussion is where Crude Oil is […]
See on the daily bar chart for December Nymex crude oil futures that prices have rebounded from the recent low and the bulls have gained some momentum. See at the bottom of the chart that the Moving Average Convergenc Divergence (MACD) indicator has recently produced a bullish line crossover signal, whereby the thick blue MACD […]
The Nymex crude oil futures market this week popped higher and hit a five-week high–to produce a bullish upside “breakout” from a sideways trading range on the daily bar chart. This is one early clue that crude oil prices could be embarking on a fresh price uptrend. However, the bulls must now confront stiff overhead […]
In the last two weeks June Crude oil futures have come down nearly $5/barrel and are presently trading below the $100 psychological level for the first time since 4/8. As of this post the trend line that has been in place for several months is being breached and prices are trading under their 50 day […]
Since putting in an interim top on 12/27 just below $101/barrel WTI futures have retraced losing almost $10/barrel. The first red horizontal line is seen on March futures near $91.50 and under that level support comes in at $90. It will take a settlement above the 8 day MA(orange line) for confirmation which I expect […]
Oil prices were on the defensive on Monday as a deal between Iran and the 5 permanent member of the U.N. security council along with robust petroleum inventories generated headwinds for prices. Inventories are currently at a 5-year high, which reflects strong production in the United States. Hedge fund traders have been reducing short positions […]
After trading near $109/barrel in late August WTI Crude oil futures have trended lower trading near $94/barrel as of this post. The lower jagged line where futures are currently trading represents the 61.8% Fibonacci level and in my eyes a value zone as I expect prices to find support near current trade. As of this […]
WTI Crude oil prices may have found a floor. The steep sell off that has dragged December futures lower by nearly 6% in the last two weeks may have run its course. Futures are oversold as indicated by stochastics and while the 50% Fibonacci level may not be your ultimate reversal point there appears to […]
Yesterday we saw an unexpected rise in fuel products reported by the API. According to the API Crude stockpiles fell 999,000 barrels last week but gasoline stockpiles rose 1.7M barrels and distillates rose 1.1M barrels. The EIA out today reported a slightly more bullish figure showing oil stockpiles falling 2.8M barrels. The EIA also indicated […]
High to low on the week Crude oil jumped $6/barrel but front month futures failed above $108 just as that level capped upside on 7/19 and again on 7/22. Crude oil fell short of its contract highs by 11 cents and has traded south since. Early support came from upbeat news out of China and […]
