Markets

Crude Oil (CLN2) Forecast

54.355
(GMT)
0.3750
(0.69%)*Daily Change
James Hyerczyk
6 hours ago

Crude Oil Update – Surprise API Draw Fueling Rally Ahead of EIA Report

April West Texas Intermediate crude oil futures are trading higher early Thursday following yesterday’s surprise drawdown in stockpiles according to the American Petroleum Institute and today’s inventories report from the U.S. Energy Information Administration. Late Tuesday, the API reported an 884,000 barrel decline in U.S. crude supplies for the week-ended February 17. Traders were looking … Continue reading Crude Oil Update – Surprise API Draw Fueling Rally Ahead of EIA Report

Christopher Lewis
14 hours ago

Crude Oil Forecast February 23, 2017, Technical Analysis

WTI Crude Oil The WTI Crude Oil market rallied during the day on Wednesday, but then turned around to fill the gap from the Tuesday open. We form a shooting star on Tuesday, so I think we probably going to see a little bit more negativity in this market over the next couple of sessions. … Continue reading Crude Oil Forecast February 23, 2017, Technical Analysis

James Hyerczyk
19 hours ago

Oil Fundamental Forecast – February 23, 2017

U.S. West Texas Intermediate and international Brent crude oil finished lower on Wednesday but the market could find support early Thursday after data released by a private industry group showed a surprise drawdown in U.S. crude oil stocks. Another highlight of the report was a drop in imports, which suggests that the global supply glut … Continue reading Oil Fundamental Forecast – February 23, 2017

James Hyerczyk
yesterday

Crude Oil Update – Sellers Driven by Stronger Dollar, Supply Concerns

U.S. April West Texas Intermediate crude oil futures are trading lower early Wednesday. A stronger dollar is helping to curtail demand for the dollar-denominated commodity, putting pressure on the market. Yesterday, crude oil surged to a seven-month high on optimism over OPEC’s deal with other producers to curb output, trim the global supply and stabilize … Continue reading Crude Oil Update – Sellers Driven by Stronger Dollar, Supply Concerns

Christopher Lewis
2 days ago

Crude Oil Forecast February 22, 2017, Technical Analysis

WTI Crude Oil The WTI Crude Oil market rallied during the day after gapping higher on Tuesday. We ended up slamming into the $55 level which of course is a massive barrier in the uptrend. If we can break above there, and more importantly closable there on a daily chart, I think that the market … Continue reading Crude Oil Forecast February 22, 2017, Technical Analysis

James Hyerczyk
2 days ago

Oil Fundamental Forecast – February 22, 2017

U.S. and international crude oil prices surged to nearly seven-week highs on Tuesday on optimism over the success of OPEC’s plan to curb production, trim the supply glut and stabilize prices. April West Texas Intermediate crude oil closed at $54.33 up $0.34 or +0.63%. International Brent crude oil finished the session at $56.66, up $0.49 … Continue reading Oil Fundamental Forecast – February 22, 2017

David Becker
2 days ago

WTI Crude Daily Update for February 22, 2017

Crude broke out of its six-week trading range, topping at $55.03, and closing above trend line resistance seen near $54.07.  Crude last hit these levels in early January but were unable to hold on to gains and reversed back to the $54.33 level during the latter of the U.S. trading session. High levels of OPEC/NOPEC … Continue reading WTI Crude Daily Update for February 22, 2017

James Hyerczyk
2 days ago

Crude Oil Update – Spikes Higher on OPEC Compliance News

U.S. April West Texas intermediate Crude Oil futures spiked higher shortly before the regular session opening as investors continued to react positively to the news that OPEC is sticking with its plan to cut daily output and as investors become more optimistic about the plans success. Traders are primary reacting to the news that OPEC … Continue reading Crude Oil Update – Spikes Higher on OPEC Compliance News

Christopher Lewis
3 days ago

Crude Oil Forecast February 21, 2017, Technical Analysis

WTI Crude Oil The WTI Crude Oil market rally during the day on Monday was fairly soft, so I believe it’s only a matter of time before we pull back. However, you have to keep an eye on the $54 level, reaching towards the $55 level as there is quite a bit of noise. If … Continue reading Crude Oil Forecast February 21, 2017, Technical Analysis

James Hyerczyk
3 days ago

Oil Fundamental Forecast – February 21, 2017

Crude oil prices rose on Monday under thin trading conditions due to a U.S. bank holiday. The move was supported by new data showing that hedge funds and commodity money managers continue to bet that OPEC will succeed at cutting daily output and at the same time begin trimming the global supply glut. This is … Continue reading Oil Fundamental Forecast – February 21, 2017

David Becker
3 days ago

WTI Crude Daily Update for February 21, 2017

Crude prices recaptured the $54 handle, and are poised to test resistance near the February highs at 54.34.  This comes despite a continued rise in U.S. production that should continue given the increase in the active U.S. Rig count. A break of this level would lead to a test of the January highs near 55.22.  … Continue reading WTI Crude Daily Update for February 21, 2017

James Hyerczyk
3 days ago

Crude Oil Update – Bullish Tone, but Gains Limited by Supply Concerns

April West Texas Intermediate Crude Oil futures are trading higher on Monday, but gains have been limited as investors assess whether another increase in the number of U.S. drilling rigs and record stockpiles might offset the rising compliance with OPEC’s plan to curtail output. Today is a bank holiday in the U.S. so volume is … Continue reading Crude Oil Update – Bullish Tone, but Gains Limited by Supply Concerns

James Hyerczyk
4 days ago

Oil Fundamental Forecast – February 20, 2017

U.S. and international crude oil markets posted an inside move on Friday, indicating trader indecision and impending volatility. The higher close suggests that perhaps investors will be leaning towards the upside on Monday. April West Texas Intermediate Crude Oil closed at $53.78, up $0.18 or +0.34%. International April Brent Crude Oil finished at $55.81, up … Continue reading Oil Fundamental Forecast – February 20, 2017

James Hyerczyk
4 days ago

Oil Fundamental Analysis – Forecast for the Week of February 20, 2017

U.S. West Texas Intermediate and International Brent crude oil futures contracts posted inside moves last week, representing trader indecision and impending volatility. For a sixth straight week, or essentially since the start of the new year when OPEC implemented its plan to cut daily production, crude oil prices have been capped by reports of rising … Continue reading Oil Fundamental Analysis – Forecast for the Week of February 20, 2017

Christopher Lewis
6 days ago

Crude Oil forecast for the week of February 20, 2017, Technical Analysis

WTI Crude Oil The WTI Crude Oil market fell slightly during the week, as we continue to show signs of struggle. I believe that the $55 level above is massively resistive, and it’s not until we break above that level that it’s possible to start buying again. I think that the market is starting to … Continue reading Crude Oil forecast for the week of February 20, 2017, Technical Analysis

Christopher Lewis
6 days ago

Crude Oil Forecast February 20, 2017, Technical Analysis

WTI Crude Oil The WTI Crude Oil market fell during Friday, as we continue to bounce around in a very choppy manner. The market is currently looking at OPEC production cuts from the bullish side, while oversupply continues to be an argument from the bearish side. We have been consolidating between the $51 level on … Continue reading Crude Oil Forecast February 20, 2017, Technical Analysis

James Hyerczyk
6 days ago

Crude Oil Update – Traders Reacting to Global Supply Glut

U.S. March West Texas Intermediate Crude Oil futures are trading lower on Friday, pressured by the global supply glut which continues to grow due to increased U.S. production. However, the market is also being underpinned by the possibility that OPEC may extend its program to reduce output beyond May 2017. The market is also posting … Continue reading Crude Oil Update – Traders Reacting to Global Supply Glut

David Becker
6 days ago

WTI Crude Daily Update for February 20, 2017

WTI crude prices are off on Friday but continue to consolidate near the 53 handle. The revelation of record crude and gasoline inventories this week in the U.S., along with continued signs of rising production in North America, have had a capping influence on the market in the face of OPEC-led supply trimming. Crude prices … Continue reading WTI Crude Daily Update for February 20, 2017

James Hyerczyk
6 days ago

Oil Fundamental Forecast – February 17, 2017

U.S. April West Texas Intermediate and international Brent crude oil are trading slightly higher early Friday, following a tumultuous trade on Thursday. Aggressive trading by both the bulls and the bears helped form an outside move on the daily chart before settling higher. Once again, the price action strongly demonstrated that oil is rangebound as … Continue reading Oil Fundamental Forecast – February 17, 2017

Christopher Lewis
7 days ago

Crude Oil Forecast February 17, 2017, Technical Analysis

WTI Crude Oil The WTI Crude Oil market initially tried to rally during the day on Thursday but failed yet again. Every time we rally this market turns around to show signs of exhaustion. The candle looks a bit like a shooting star, just as the Wednesday and the Tuesday candles did. Every time this … Continue reading Crude Oil Forecast February 17, 2017, Technical Analysis

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