Crude Oil (CL) Forecast

Crude oil prices continued to climb on Thursday buoyed by Wednesday larger than expected draw in petroleum inventories reported by the Department of Energy.  Inventories of distillates, which include heating oil and diesel fuel, have dropped to the lower end of the 5-year range, ahead of fall in the U.S. and Europe.  Traders will need … Continue reading Crude Oil Price Analysis for September 22, 2017

November West Texas Intermediate crude oil prices are under pressure due to a stronger U.S. Dollar and concerns over increasing U.S. production. Traders are also paring positions ahead of Friday’s OPEC and non-OPEC meeting to discuss extending the deal to cut production or deepen production cuts. Daily Technical Analysis The main trend is up according … Continue reading Crude Oil Price Update – Sustained Move Under $50.30 Puts Bears in Control

Gold The gold market gained some strength from the lower levels on Wednesday’s session as the market was waiting for the outcome of Fed’s meeting. Now, the Fed has indicated to start the shrinking of its huge balance sheet early, the gold price will probably fall. It has strong support near the $1300 level and … Continue reading Commodities Daily Forecast – September 21, 2017

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures closed higher on Wednesday, despite a government report showing a rise in U.S. crude inventories after the Iraqi oil minister said OPEC and its non-OPEC oil producing partners were considering extending or deepening output cuts. November WTI crude oil futures settled at $50.73, up $0.83 … Continue reading Oil Price Fundamental Daily Forecast – With U.S. Production Rising, Crude Needs an OPEC Extension to Sustain Rally

WTI Crude Oil The WTI Crude Oil market gapped higher at the open on Wednesday, clearing the $50 handle with no issues whatsoever. We pull back to test that level, and we have seen some buying pressure since then. We are now looking at the $51 level, and a break above there would be a … Continue reading Crude Oil Forecast September 21, 2017, Technical Analysis

Crude oil prices are breaking out to fresh highs, as larger than expected draws in distillates which include diesel and heating oil helped the petroleum complex surge higher.  Distillates are now below the 5-year average range and ahead of winter could continue to drive petroleum prices higher.  The EIA reported a robust demand for distillates, … Continue reading Crude Oil Price Analysis for September 21, 2017

November West Texas Intermediate crude oil futures are trading higher shortly before the regular session opening. Traders may be reacting to yesterday’s American Petroleum Institute’s weekly storage report which showed U.S. crude supplies climbed 1.4 million barrels for the week-ended September 15. Gasoline inventories declined by 5.1 million barrels. Distillate supplies also drew down by … Continue reading Crude Oil Price Update – Bullish Tone Could Build Over $50.30

Gold After the Monday’s free fall towards the $1300 level, the market was cautious in Tuesday’s session with sideways movement. The outcome of the Fed’s meeting today will now determine the trend in the gold prices. If it breaks below the $1300 level, then it will be very negative for the market and will probably … Continue reading Commodities Daily Forecast – September 20, 2017

The U.S Federal Reserve and the upcoming German Election are certain to influence the broad markets. Global equities remain a vital barometer for investors as they gauge their risk sentiment. EUR/USD: German Election Shadows The Euro has continued to add value early this week. The U.S Federal Reserve and the upcoming German election are influencing … Continue reading Daily Market Forecast, September 20, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Crude oil prices dipped lower on Tuesday, after the comments from Iraqi oil minister Jabar al-Luaibi on a possible extension to the OPEC-led agreement to slash oil production. U.S. crude stockpiles rose for the third straight week. On Wednesday, WTI Crude oil was trading at $50.27, up 0.74%. Iraqi oil minister Jabar al-Luaibi said at … Continue reading WTI Crude Oil Daily Analysis – September 20, 2017

U.S. West Texas Intermediate and international-benchmark Brent crude oil settled slightly lower on Tuesday ahead of inventories reports from the American Petroleum Institute and the U.S. Energy Information Administration. November WTI Crude Oil settled at settled at $50.28, down $0.07 or -0.14% and December Brent Crude oil closed at $55.15, down $0.10 or -0.18%. Both … Continue reading Oil Price Fundamental Daily Forecast – OPEC to Debate Extending or Deepening Supply Cuts

WTI Crude Oil The WTI Crude Oil market went sideways initially on Tuesday, but then broke above the $50 level. Later in the day, we pulled back but I think that today could be a very volatile session in the crude oil market. We are currently still in consolidation as we dance around the $50 … Continue reading Crude Oil Price Forecast September 20, 2017, Technical Analysis

Oil prices tested resistance but was unable to pierce through to higher levels and consequently declined and settled close to the 50 handle.  Hurricane Maria is likely to clobber the Carribean, but models say it will spare the U.S. and crude oil production areas which allowed prices to ease.  The IEA upgraded its demand growth … Continue reading Crude Oil Price Analysis for September 20, 2017

November West Texas Intermediate crude oil futures are trading higher shortly before the cash market opening. After surging last week to a multi-month high on September 14, the market has consolidated for three days. This indicates investors may be waiting for news to act as a catalyst to take the rally to the next level. … Continue reading Crude Oil Price Update – Reaction to $50.30 Will Tells Us If Bulls or Bears are in Control

Oil prices edge higher on Tuesday, following the recovery after Hurricanes Harvey and Irma. The upside pressure is supported by a fall in Suadi Arabia crude exports. The U.S raises their imports at reopened ports to cover the shortfall in production that caused by Hurricane Harvey, despite a recovery from the recent hurricanes. In addition, … Continue reading WTI Crude Oil Daily Analysis – September 19, 2017

Gold The gold prices broke significantly on Monday’s trade session and went lower towards the $1300 level. Now, the market has strong support near the $1300 level, it is likely to bounce back higher. The market will be sell in rallies as the risks associated with the global market is now softening. A breakdown below … Continue reading Commodities Daily Forecast – September 19, 2017

The Yen has remained weak against the U.S Dollar as the Nikkei Index gathers strength. The Pound was not able to punch through resistance against the U.S Dollar yesterday, and Gold continues to face headwinds. USD/JPY: More Potential Weakness for Yen The Yen has traded in range early this morning, but this follows further weakness … Continue reading Daily Market Forecast, September 19, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

U.S. West Texas Intermediate crude oil and international-benchmark Brent crude oil are trading flat early Tuesday. Supporting the market is a fall in Saudi Arabian crude exports, however, gains have been limited by an expected rise in U.S. shale output. According to the U.S. government, U.S. shale production is expected to rise for a 10th … Continue reading Oil Price Fundamental Daily Forecast – Needs Bullish News to Take It to the Next Level

WTI Crude Oil The WTI Crude Oil market initially rally during the day on Monday, but ran into a significant amount of resistance above the $50 level. Because of this, we dropped below that psychologically important level, but I currently see this is a consolidated market. I think that the market is can continue to … Continue reading Crude Oil Forecast September 19, 2017, Technical Analysis

WTI futures whipsawed hitting a high of 50.33, before settling back down below the 50 handle, which is fractionally higher on the session. The initial gains followed Friday’s latest rig-count data out the U.S. showing an unexpected seven-rig production halt. This follows recently upgraded global demand forecasts by OPEC and the IEA, and a pickup … Continue reading Crude Oil Price Analysis for September 19, 2017