Forecasts & Analysis | Crude Oil, Page

  • James Hyerczyk
    James Hyerczyk

    Oil Price Fundamental Daily Forecast – Supported by Position-Squaring, Weaker Dollar

    U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are edging higher early Friday after shrugging off earlier weakness. Position-squaring and a weaker U.S. Dollar may be contributing to the positive price action.At 0813 GMT, October WTI crude oil futures are trading at $65.08, up $0.20 or +0.31% and

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  • James Hyerczyk
    James Hyerczyk

    Crude Oil Price Update – Strengthens Over $65.29, Weakens Under $64.72

    U.S. West Texas Intermediate crude oil futures are edging higher early Friday. The market is trying to follow-through to the upside following yesterday’s closing price reversal bottom. This move won’t mean the trend is changing, but it could fuel a 2 to 3 day counter-trend rally.At 0751 GMT, October WTI

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  • Christopher Lewis
    Christopher Lewis

    Crude Oil Price Forecast – crude oil markets quiet Thursday

    WTI Crude OilThe WTI Crude Oil market has done very little during the trading session on Thursday, as we continue to hover above the psychologically important $65 level. Because of this, the market looks very likely to continue to be range bound over the next 24 hours as it is

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  • James Hyerczyk
    James Hyerczyk

    Oil Price Fundamental Daily Forecast – Softer Dollar Supportive, but Lower Demand Still Major Concern

    U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading slightly lower on Thursday. We’ve seen a bounce off the lows, which is probably related to the softer dollar. This tends to drive up foreign demand for dollar-denominated crude oil. However, the main concerns for traders remains increasing

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  • Colin First
    Colin First

    Commodities Daily Forecast – August 16, 2018

    GoldThe gold prices broke down significantly during the Wednesday’s session as USD continues to strengthen. The Turkish situation is driving the overall forex and commodity market lower which is very negative for the market as it will restrict the bullish momentum. The $1140 level underneath continues to offer strong support

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  • Christopher Lewis
    Christopher Lewis

    Crude Oil Price Forecast – crude oil gets hammered on Wednesday

    WTI Crude OilThe WTI Crude Oil market has broken down significantly during the trading session on Wednesday, slicing through major support at the $65 level. Ultimately, this market should continue to go much lower, unless of course something changes drastically with the greenback, which seems to be a beast when

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  • James Hyerczyk
    James Hyerczyk

    Crude Oil Price Update – Could See Short-Covering Rally if $63.91 Holds as Support

    U.S. crude oil prices plunged on Wednesday following a government report that showed a surprised jump in inventories when traders were looking for a drawdown. According to the U.S. Energy Information Administration, crude oil stocks rose by 6.8 million barrels. Traders were looking for a 2.6 million barrel decline.October West

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  • James Hyerczyk
    James Hyerczyk

    Oil Price Fundamental Daily Forecast – U.S. EIA Stocks Report Expected to Show 2.6 Mb Drawdown

    U.S. West Texas Intermediate and international-benchmark Brent crude oil futures finished slightly lower on Tuesday after giving back earlier gains. Advances were capped by concerns that a rising U.S. Dollar would dampen demand for the dollar-denominated asset. Worries that a bear market in emerging economies would lead to lower demand

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  • James Hyerczyk
    James Hyerczyk

    Crude Oil Price Update – Weakens Under $65.92, Strengthens Over $66.95

    U.S. West Texas Intermediate crude oil futures are trading lower early Wednesday after posting a steep-sell-off on Tuesday. The catalyst behind the selling pressure is private report showing increased U.S. crude inventories and growing concerns that a global economic slowdown will lead to a drop in demand.At 0543 GMT, October

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  • Christopher Lewis
    Christopher Lewis

    Crude Oil Price Forecast – crude oil markets continue to push higher

    WTI Crude OilThe WTI Crude Oil market has been very noisy during trading on Tuesday, breaking above the $60 level. However, the market went back and forth and continues to show a lot of noise. By breaking above the recent high, it looks as if we are ready to continue

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  • Colin First
    Colin First

    USD/CAD Daily Price Forecast – USD/CAD on Steady Decline over Crude Oil Price Action

    The USD/CAD pair extended overnight retracement slide from near three-week tops and weakened farther below the 1.3100 handle through the early European session. As of writing this article the pair is trading at $1.3094 down by 0.30% on the day. A decent recovery in the Turkish Lira, up by more

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  • Colin First
    Colin First

    Commodities Daily Forecast – August 14, 2018

    GoldThe gold market sold-off significantly during the Monday’s session breaking below the $1200 level which offered strong psychological support to the market. The market is strongly impacted by the Turkish situation and relative strong dollar. The next significant support for the gold prices is at $1140 level and in order to

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  • James Hyerczyk
    James Hyerczyk

    Oil Price Fundamental Daily Forecast – Prices Firm as Supply Concerns Offset Demand Worries

    U.S. West Texas Intermediate and Brent crude oil futures are trading higher early Tuesday in reaction to a report from OPEC that confirmed top exporter Saudi Arabia had cut production to avert looming oversupply.At 0715 GMT, October WTI crude oil futures are trading $67.05, up $0.48 or +0.74% and October

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  • James Hyerczyk
    James Hyerczyk

    Crude Oil Price Update – Major Retracement Zone at $66.95 to $65.92 Controlling Longer-Term Direction

    U.S. West Texas Intermediate crude oil futures are trading higher early Tuesday after a report from OPEC confirmed that top exporter Saudi Arabia had cut production to avert looming oversupply. Early Monday, crude oil broke sharply on fears of lower demand, however, the market regained most of those losses after

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  • Christopher Lewis
    Christopher Lewis

    Crude Oil Price Forecast – crude oil markets noisy to kick off the week

    WTI Crude OilThe WTI Crude Oil market drifted lower during the session on Monday, reaching towards the $67 level. That’s an area that had been resistance in the past, as well as support. In fact, it was the bottom of the overall support level that we had been trading in

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  • James Hyerczyk
    James Hyerczyk

    Oil Price Fundamental Daily Forecast – Demand Drop Means Slow Grind Lower, Supply Disruption Means Spike Higher

    U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading lower early Monday. There has been no follow-through to the upside following Friday’s dramatic reversal to the upside. The markets are currently trading inside Friday’s range which suggests investor indecision and impending volatility.At 0708 GMT, October WTI crude

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  • James Hyerczyk
    James Hyerczyk

    Crude Oil Price Update – Weekly Retracement Zones Controlling Price Action

    U.S. West Texas Intermediate crude oil futures settled lower last week, but remained inside its six-week range. There were some fireworks to the downside mid-week after China retaliated against U.S. tariffs with sanctions of their own on U.S. petroleum products. This raised issues about demand. A slowdown in China’s economy

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  • James Hyerczyk
    James Hyerczyk

    Oil Price Fundamental Weekly Forecast -Despite Mounting Demand Concerns, Market Vulnerable to Supply Disruption

    U.S. West Texas Intermediate and international benchmark Brent crude oil futures went on a wild ride last week before closing lower. At one point last week, the U.S. futures contract was down about 2.40 percent before clawing back nearly half of that loss.October WTI crude oil settled the week at

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  • Christopher Lewis
    Christopher Lewis

    Crude Oil Weekly Price Forecast – crude oil markets show signs of life at the end of the week

    WTI Crude OilThe WTI Crude Oil market has found a bit of a reprieve after initially trying to rally, finding a ton of selling at the $70 level, and then breaking below the $67 level for the briefest of moments. Friday was bullish enough to convince me that we are

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  • Christopher Lewis
    Christopher Lewis

    Crude Oil Price Forecast – crude oil breaks out to the upside

    WTI Crude OilThe WTI Crude Oil market was very noisy during the trading session on Friday, slicing through the $67 level, an area that needed to hold for the bullish case for crude oil to continue. At this point, the supply is probably a bit tighter than most people realize,

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