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Christopher Lewis
Crude Oil daily chart, September 13, 2018

WTI Crude Oil

The WTI Crude Oil market rallied rather significantly during the trading session on Wednesday, reaching towards the $71 level, an area that I see as significant resistance. That resistance area could be broken relatively soon and if it does happen, that could send this market towards the $72.50 level. The inventory was extraordinarily bullish, reporting a drawl down of 5 billion barrels as opposed to the expected 1 million barrels. Needless to say, oil reacted very violently to the upside after that report came out. It shows a certain amount of strength in demand, and with the looming Iranian sanctions, it’s very likely that we will continue to see a tightening of global supply. However, I would wait for some type of pullback to take advantage of.

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Brent

Brent markets also rallied, pressing the $80 handle. I think at this point I think that it will offer resistance, but at this point it does look like we will manage to break above there eventually. If we do, then I think the market continued towards the $82.50 level and then the $85 level after that. Short-term pullbacks should be buying opportunities, especially near the $79 level that looks to be offering a little bit of a boost. If we were to break down below there, then I would start looking at the $78 level next. I don’t have any interest in shorting crude oil right now, it seems to be far too many bullish from both a fundamental and a technical standpoint over the last several days.

Crude Oil Price Forecast Video 13.09.18

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