Markets

Crude Oil (CL) Forecast

48.095
0.335(0.7%)

12:58:00 (GMT) | Real-Time Data, Currency in

Bid/Ask
48.08/48.11
Open
47.76
Day's Range
Day's Range
High
48.18
Low
47.53
Symbol
CL
Class
commodities
Group

Symbol
CL
Class
commodities
Group

James Hyerczyk
7 hours ago

Oil Fundamental Analysis – Forecast for the Week of March 27, 2017

U.S. West Texas Intermediate and internationally favored Brent crude oil futures closed lower last week under relatively quiet trading conditions. Both futures contracts hit multi-month lows. May WTI crude oil closed at $47.97, down $1.34 or -2.72% and June Brent crude oil ended the week at $51.95, down $1.03 or -1.98%. Prices drifted lower last … Continue reading Oil Fundamental Analysis – Forecast for the Week of March 27, 2017

Christopher Lewis
yesterday

Crude Oil forecast for the week of March 27, 2017, Technical Analysis

WTI Crude Oil The WTI Crude Oil market fell during the week, but have quite a bit of volatility. It looks as if the $50 level above will continue to be resistive, so if we can break above there it would be a very bullish sign. However, I think the market will not get above … Continue reading Crude Oil forecast for the week of March 27, 2017, Technical Analysis

Christopher Lewis
yesterday

Crude Oil Forecast March 27, 2017, Technical Analysis

WTI Crude Oil The WTI Crude Oil market initially tried to rally during the session on Friday, but found enough resistance to turn around and form a little bit of a shooting star. The shooting star of course is a sign of exhaustion but I see significant support near the $47 level. A breakdown below … Continue reading Crude Oil Forecast March 27, 2017, Technical Analysis

David Becker
2 days ago

Crude Oil Price Analysis for March 27, 2017

Crude oil prices were slightly higher on Friday supported by news that Saudi Arabia has reduced exports to the U.S. by about 300k barrels per day in March. Nonetheless, U.S. stockpiles remain at record levels, currently over 530 million barrels, as U.S. shale production offsets OPEC/NOPEC output cuts.  Additionally, active oil rigs have climbed every … Continue reading Crude Oil Price Analysis for March 27, 2017

James Hyerczyk
2 days ago

Crude Oil Update – Prices Firm as Saudis Cut Exports to U.S.

May West Texas Intermediate Crude Oil is trading higher on Friday, but inside yesterday’s range. The news that Saudi Arabia is cutting exports to the United States is helping to underpin the market. However, the global supply glut is capping the upside. Buyers came in early in the session after a report showed that Saudi … Continue reading Crude Oil Update – Prices Firm as Saudis Cut Exports to U.S.

James Hyerczyk
2 days ago

Oil Fundamental Forecast – March 24, 2017

Crude oil prices inched higher early Friday as investors reacted to the news that Saudi Arabia reduced exports to the United States. Overall, however, gains appeared to be limited by the global supply glut. At 0700 GMT, June Brent crude futures, the international benchmark for oil, were trading $50.68, up $0.02 or +0.04%. U.S. May … Continue reading Oil Fundamental Forecast – March 24, 2017

Christopher Lewis
2 days ago

Crude Oil Forecast March 24, 2017, Technical Analysis

WTI Crude Oil The WTI Crude Oil market initially tried to rally during the day on Thursday, but found enough bearish pressure to continue going lower as we consolidate overall. I believe that the market is going to reach towards the $47 level below, which had been so supportive during the day on Thursday. Because … Continue reading Crude Oil Forecast March 24, 2017, Technical Analysis

David Becker
3 days ago

Crude Oil Price Analysis for March 24, 2017

WTI crude oil started the session higher but was unable to hold on to gains as fresh selling came in above 48 per barrel.  Reports this week showed global inventories are growing despite the OPEC-led effort to curb supply. Rising U.S. shale production and a lack of compliance among some of the non-OPEC oil producing … Continue reading Crude Oil Price Analysis for March 24, 2017

James Hyerczyk
3 days ago

Crude Oil Update – Prices Supported by Oversold Technical Factors

Technical factors are contributing the most to today’s early strength in the May West Texas Intermediate Crude Oil market. Buyers came in late Wednesday to support prices as the market neared its November 2016 main bottom. Despite the rally, gains are likely to be limited by the U.S. crude oil supply glut and rising output. … Continue reading Crude Oil Update – Prices Supported by Oversold Technical Factors

James Hyerczyk
3 days ago

Oil Fundamental Forecast – March 23, 2017

Crude oil prices are rebounding early Thursday from four-month lows, mostly due to technically oversold conditions. The selling pressure the previous session was strong enough to drive the Brent futures contract under the psychological $50.00 a barrel level, before bargain-hunters and profit-takers came in to force a recovery in prices. At 0700 GMT, international June … Continue reading Oil Fundamental Forecast – March 23, 2017

Christopher Lewis
3 days ago

Crude Oil Forecast March 23, 2017, Technical Analysis

WTI Crude Oil The WTI Crude Oil market initially fell during the session on Wednesday, but found support yet again near the $47 level. By doing so, it suggests that the market may be comfortable with 5 million barrels build announced during the session on Wednesday, because quite frankly it wasn’t as bad as it … Continue reading Crude Oil Forecast March 23, 2017, Technical Analysis

David Becker
4 days ago

Crude Oil Price Analysis for March 23, 2017

Crude oil prices tumbled to a 4-month low at 47.01, but rebounded despite a larger than expected build in crude oil inventories.  WTI Prices closed nearly unchanged rebounding sharply after slicing through trend line support near 47.60.  Resistance on crude oil is seen near the 10-day moving average at 48.94.  Momentum is negative as the … Continue reading Crude Oil Price Analysis for March 23, 2017

Tomasz Wiśniewski
4 days ago

But OPEC Said We Had a Deal

In our last analysis of the Oil, which we published more than two weeks ago, we marked the possibility of a larger movement, which was contributed to the potential breakout from the sideways trend (pink). It is usually hard to predict in which direction the price will move but for a trader it is not … Continue reading But OPEC Said We Had a Deal

James Hyerczyk
4 days ago

Crude Oil Update – Prices Tumble on API Build; EIA Report Next

May West Texas Intermediate Crude Oil futures are trading lower shortly before the regular session opening. Prices are expected to be under pressure on Wednesday due to another bearish report from the American Petroleum Institute late Tuesday. According to the API, U.S. crude oil inventories rose by 4.5 million barrels in the week ending March … Continue reading Crude Oil Update – Prices Tumble on API Build; EIA Report Next

Christopher Lewis
4 days ago

Crude Oil Forecast March 22, 2017, Technical Analysis

WTI Crude Oil The WTI Crude Oil market tried to rally during the day on Tuesday, and even gapped higher at the open. However, I think that it is only a matter of time before the sellers get involved as the oversupply continues to be an issue. However, today is the Crude Oil Inventories announcement, … Continue reading Crude Oil Forecast March 22, 2017, Technical Analysis

James Hyerczyk
5 days ago

Oil Fundamental Forecast – March 22, 2017

U.S. West Texas Intermediate and international Brent crude oil futures tumbled on Tuesday as investors shrugged off reports that OPEC was considering extending its program to cut output, trim the global supply and stabilize prices. Even the cartel didn’t sound too convincing that such an extension would take place, citing that it wouldn’t move forward … Continue reading Oil Fundamental Forecast – March 22, 2017

David Becker
5 days ago

Crude Oil Price Analysis for March 22, 2017

Crude is settled lower by 1.5%, but was down intra-day better than $1.00 per barrel. Selling has been prompted by a fairly serious bout of risk-off, as yields head lower, and equities in the U.S. posts its worst numbers of the year. The next risk event will be the weekly API inventory data, due after … Continue reading Crude Oil Price Analysis for March 22, 2017

James Hyerczyk
5 days ago

Crude Oil Update – OPEC May Be Considering Extending Output Cuts

Crude oil prices are receiving support early Tuesday on speculation that the OPEC-led production cuts may be extended beyond the June deadline. OPEC sources are indicating that several of the cartel’s members may be on-board for an extension of the program that would continue to reduce output in an effort to trim the excessive supply … Continue reading Crude Oil Update – OPEC May Be Considering Extending Output Cuts

Christopher Lewis
5 days ago

Crude Oil Forecast March 21, 2017, Technical Analysis

WTI Crude Oil The WTI Crude Oil market fell slightly during the day on Monday, as we reached towards the $40 level. I believe we will break down below there and reach towards the $47 level after land, and perhaps even the $45 level next. I still believe that short-term rallies are selling opportunities, as … Continue reading Crude Oil Forecast March 21, 2017, Technical Analysis

James Hyerczyk
6 days ago

Oil Fundamental Forecast – March 21, 2017

Crude oil futures started the week under pressure despite news that support for extending OPEC’s six-month deal to cut output, trim the global supply and stabilize prices may be gaining traction. Sellers choose to react to worries about growing U.S. oil output and high inventories, mostly in reaction to last week’s increased rig count. U.S. … Continue reading Oil Fundamental Forecast – March 21, 2017

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