Crude Oil (CL) Forecast

Crude oil futures are trading higher on Monday, driven by profit-taking, short-covering and aggressive counter-trend bargain hunting. At 0403 GMT, August West Texas Intermediate crude oil futures are trading $43.52, up $0.51 or +1.16% and internationally-favored September Brent crude oil futures are at $46.29, up $0.54 or +1.18%. Fundamentally, a weaker U.S. Dollar is helping … Continue reading Oil Price Fundamental Daily Forecast – May Need Rally to Shake out the Weak Shorts

Commodities prices continue to be investors’ safe haven as political uncertainty and weaker than expected economic data raised investors concerns. Falling crude oil prices for the fifth weekly loss pulled commodity prices down as oversupply continued the ‘black gold’ downtrend. The technical analysis, that includes the indicators’ data and major pivot points for WTI Oil, Gold, Silver and Copper as traded on spot market as of June … Continue reading Commodities Technical Analysis, June 26th – June 30th, 2017

U.S. West Texas Intermediate and internationally-favored Brent crude oil finished sharply lower last week for the fifth consecutive week. August WTI crude oil settled at $43.01, down $1.96 or -4.36% and September Brent crude oil closed at $45.75, down $1.88 or -3.95%. The week started with crude oil under pressure late in the session after … Continue reading Oil Price Fundamental Weekly Forecast – Will Another Price Plunge Cause Supply Deal to Unravel?

WTI Crude Oil The WTI Crude Oil market broke down during the week, slicing through the $45 level and even breaking down below the $43 level. Now that we have done that, the market turned around to show signs of life at the $42 level. Ultimately though, I think we do breakdown below the bottom … Continue reading Crude Oil forecast for the week of June 26, 2017, Technical Analysis

WTI Crude Oil The WTI Crude Oil market went sideways on Friday, but eventually found enough support to break above $43. However, as I continue to watch the market during the day, looks as if we are getting ready to roll over yet again. It looks as if the market is attracted to the $43 … Continue reading Crude Oil Price Forecast June 26, 2017, Technical Analysis

Oil prices were nearly unchanged on Friday, but this past week was a difficult one for oil bulls as prices fell more than 4%.  Oil prices are now down more than 20% since hitting a high in January placing the market officially into bear market territory. Domestic demand for gasoline is faltering, while export production … Continue reading Crude Oil Price Analysis for June 26, 2017

August West Texas Intermediate crude oil futures are trading higher shortly before the regular session opening. Short-covering and profit-taking is helping the market to recover some of this week’s losses, but the market is still in a position to close the week lower as well as the month. Additionally, crude oil is likely to finish … Continue reading Crude Oil Price Update – Pivot at $43.67 Controlling the Short-Term Price Action

Gold Gold prices rose through the day yesterday as the prices bounced after suffering a pounding over the course of the last few days. The prices are expected to continue their recovery in the short term though this would be only a correction of the downtrend and not a change in trend as yet. …Read … Continue reading Commodities Daily Forecast – June 23, 2017

Profit-taking and bargain-hunting helped drive crude oil prices up from 10-month lows on Thursday. Aggressive counter-trend investors bought crude oil despite bearish market sentiment due to the persistent supply glut and doubts over the OPEC-led plan’s ability to balance the market. U.S. West Texas Intermediate crude oil and internationally-favored crude oil are posting a further … Continue reading Oil Price Fundamental Daily Forecast – Look for Surprise in Rig Count Report

WTI Crude Oil The WTI Crude Oil market had a slightly volatile session on Thursday, showing signs of life again. However, the market is simply retracing what has been a very negative sign. I believe that the $43.50 level above should continue to be very resistive, so some type of exhaustive candle near that area … Continue reading Crude Oil Price Forecast June 23, 2017, Technical Analysis

Oil prices are up from lows, but remains below USD 43 per barrel as oil analysts turn increasingly gloomy on the supply outlook. There are reports of talks in Vienna this week between OPEC and non-OPEC producers focused more on how to deal with rising output in Libya and Nigeria, rather than deepening output cuts. … Continue reading Crude Oil Price Analysis for June 23, 2017

August West Texas Intermediate crude oil futures are trading slightly higher shortly before the regular session opening. The market is trading inside yesterday’s range. This indicates investor indecision and impending volatility. We could also be going through a transition period due to oversold conditions. Technical Analysis The main trend is down according to the daily … Continue reading Crude Oil Price Update – Setting Up for Short-covering Rally

GBP/USD: The Burden of U.K. Politics The Pound continues to find a cumbersome range and the 1.27 mark against the U.S Dollar appears to be resistance. Political tremors continue in the U.K and the lack of clarity has caused investors to worry. Yesterday’s Public Sector Net Borrowing statistics were better, but the uncertainty surrounding Prime … Continue reading Daily Market Forecast, June 22, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Gold Prices recovered during the course of the day yesterday as the dollar weakened across the board. This was also the bounce that we were anticipating and this is a natural movement when we consider the fact that we are in a downtrend in this instrument. The gold prices are expected to be steady in … Continue reading Commodities Daily Forecast – June 22, 2017

Crude oil prices are rebounding slightly early Thursday, but the move is likely a short-term technical adjustment as the fundamentals strongly suggest the market faces major challenges ahead. Despite the early short-covering, most investors are still shying away from the long side as they wait for signs that output cuts by OPEC and other major … Continue reading Oil Price Fundamental Daily Forecast – Still Searching for Value Area

WTI Crude Oil The WTI Crude Oil market broke down significantly during the day on Wednesday, after initially trying to rally. The market sliced through the $43 level, reaching all the way down to the $42 level. I think that every time we rally, there should be a nice selling opportunity, and with this being … Continue reading Crude Oil Price Forecast June 22, 2017, Technical Analysis

Crude oil prices came into the day on Wednesday somewhat higher as prices were buoyed following the API inventory report which showed a draw in crude oil stocks. The American Petroleum Institute reported Tuesday a decline of 2.7 million barrels in U.S. crude supplies for the week ended June 16. The API data, however, showed … Continue reading Crude Oil Price Analysis for June 22, 2017

August West Texas Intermediate crude oil futures are trading flat shortly before the regular session opening. Traders are concerned about the global supply glut due to increasing production from the United States, Libya and Nigeria. Today’s U.S. Energy Information Administration’s weekly inventories report is expected to show a 1.2 million barrel draw down. Traders will … Continue reading Crude Oil Price Update – Weekly Inventories Expected to Show Small Draw

U.S Crude Oil continues to fuel a downward trend. Crude Oil Inventories data will come from the U.S today, but it is news about greater Natural Gas production in the States which is hurting the market. Also, Libya is producing more Crude Oil. U.S Crude Oil will remain volatile for traders and risk management is … Continue reading Tactics and Analysis, June 21, 2017 – Crude Oil Decline Worsens

Gold Gold prices continued to fall for another day as the prices broke through the support at around the 1248 region and fell down towards the 1240 region. We are seeing a small bounce in the prices which could carry the prices back towards the broken support but the downtrend is established and this opens … Continue reading Commodities Daily Forecast – June 21, 2017