WTI Crude Oil
The WTI Crude Oil market tried to rally during the trading session on Tuesday, reaching towards the $55 level before rolling over. At this point, it’s likely that we are going to continue to see sellers on these rallies, and signs of exhaustion will invite that selling. I believe that crude oil continues to show the lot of uncertainty and of course exhaustion due to the lack of demand, and the possible trade wars that still could be a possibility. Overall though, as long as we are above the $50 level, I think there are still going to be plenty of value hunters out there. I expect a lot of noise but essentially consolidation between the $55 level on the top and the $50 level on the bottom.
Oil Forecast Video 05.12.18
Brent
Brent markets initially tried to rally during the trading session on Wednesday, reaching towards the $64 level before rolling over. We ended up showing just how much exhaustion there is and therefore I think we are going to continue to dance around the $60 handle. We are trying to figure out whether we are going to see plenty of demand out there or if we are going to roll over due to the multitude of issues that we continue to see. I believe at this point it’s all going to come down to the OPEC meeting coming out, and of course the possible production cuts that could come out of that gathering.