Another Storm Ready to Test Crude Oil

Crude Oil will remain dynamically priced the remainder of the week due to the oncoming threat of another hurricane in the States. U.S Crude Oil has gained since late last week and speculation is certain to be volatile.

Hurricane Irma Approaching

U.S Crude Oil has put in gains since late last week and is near important short-term resistance.

The fact that the energy sector had to deal with Hurricane Harvey last week, and is staring directly at another gigantic weather system is bound to keep speculators extremely busy.

Hurricane Irma is expected to make landfall in the U.S sometime this weekend. And Crude Oil Inventories data will be released tomorrow.

Fundamental Concerns Near Term

A consolidated range between 45.00 and 50.00 U.S Dollars a barrel has been well practiced in the mid-term. However, technical trading will be overshadowed by fundamental concerns in the near term.

Traders attempting positions will need to have patience and practice solid risk management to participate in Crude oil because the approaching storm will cause massive volatility in the marketplace.

U.S. Crude Oil Dynamically Priced

Traders considering a buy of Crude Oil may be looking at 49.00 to 50.00 U.S Dollars a barrel as a goal. A look at a long-term chart shows that the commodity may have the capability of testing highs made early this year.

As Hurricane Harvey hit Texas last week, U.S Crude Oil did lose value initially. However, it has recovered on concerns about supply and demand. The commodity will stay dynamically priced.

In the short term, we believe U.S. Crude Oil may be positive. Mid-term and Long-term we are unbiased.

Yaron Mazor is a senior analyst at SuperTraderTV.

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