Crude Oil Weekly Price Analysis – Oil Has Noisy Week

WTI Crude Oil Weekly Technical Analysis

The WTI crude oil market has actually fallen this week after initially gapping higher. This is a bit of a surprise if you don’t pay close attention because, quite frankly, this is a market that I think continues to see a lot of questions asked about supply, but the light sweet crude oil market, of course, is going to be a little bit different as the market is supplied out of North America.

Really, at this point in time, the only question is how much the Europeans are going to be trying to buy, tightening supply, that type of thing. So, at this point, it does look like we are trying to keep a lid on this market at $100.

It’ll be interesting to see if that actually holds, but this is quite likely a situation that needs to be monitored. This could end up being an excellent shorting opportunity before it’s all said and done.

Brent Crude Oil Weekly Technical Analysis

The Brent markets are slightly positive, but just so considering all of the volatility that we see. Brent, of course, could find itself a little bit more expensive anyway due to the fact that it is more affected by the situation in the Middle East.

The premium is at about 14 to $15 a barrel right now, so you can just call that the Strait of Hormuz fear premium. If we break down below the $100 level, it could open up a drop back down to the $90 region, and I think after this week, you could make an argument that could very well happen. While it was positive, it looks very exhausting.