Get started

Oilprice

Oil Market Continues on the UpsideOil prices are rising for the fourth consecutive week as Brent crude benchmark prices rose to $83.77 per barrel. The technical picture suggests a further climb of prices which may be pushed by the following factors: 1. Brent crude prices returned to the upward trend that began in April 2020. Prices were below the support level of the trend during the last days of November 2021, but they managed to return above the trend line. 2. Commercial crude stocks in the United States are declining for the seventh consecutive week. According to the American Petroleum Institute (API) crude stocks were down by 1.077 million barrels last week after plummeting by 6.432 million a week before. Official information from the Energy Information Administration (EIA) that will be published on Wednesday may suggest that crude inventories will decline by 1.904 million barrels. Analysts surveyed by Global Platts on average expect crude inventories down by 1.6 million barrels. 3. Federal Reserve (Fed) Chair Jerome Powell said that the Fed could tame inflation without undermining economic growth. The closest resistance for Brent crude prices is at $85-85.30 per barrel with the stronger resistance at $86.70 that was recorded in October 2021. The upside which started on December 20, 2021, is strong, and we may expect Brent crude prices to move to this level. But the overall picture may change if prices slide below the trend line at $81.70-82.00. So, long positions in crude could be seen to be justified if prices go above $81.70 per barrel. Several large investment banks share the “bullish” perspective for crude. Morgan Stanley expects Brent crude prices to reach $90 per barrel by the Q3 2022.
OLong
by scavoanastasiia
CRUDE OIL (WTI) Technical Outlook & Swing Analysis 🛢 Hey traders, WTI Oil keeps trading in a global bullish trend. On a weekly time frame, the price formed an expanding bullish triangle setting the equal lows around 62.0 level and setting the higher highs respecting a major rising trend line. I will expect a bullish continuation within the boundaries of the triangle. I believe that quite soon the price will reach 84.0 level and with a high probability will go higher to 91.0 - 96.0 resistance cluster. ❤️Please, support this idea with like and comment!❤️
TVC:USOILLong
by VasilyTrader
29
Royal Dutch Shell - Selling into the gap for more downsideRoyal Dutch Shell 'A' - Short Term - We look to Sell at 19.49 (stop at 20.37) Short term momentum is bearish. This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower. We have a Gap open at 19.49 from 25/11/2021 to 26/11/2021. We expect a move lower in a corrective sequence, targeting Fibonacci retracement levels. Preferred trade is to sell into rallies. Expect trading to remain mixed and volatile. Our profit targets will be 16.84 and 16.00 Resistance: 19.49 / 20.30 / 21.15 Support: 18.14 / 17.80 / 16.82 Disclaimer – Saxo Bank Group. Please be reminded – you alone are responsible for your trading – both gains and losses. There is a very high degree of risk involved in trading. The technical analysis, like any and all indicators, strategies, columns, articles and other features accessible on/though this site (including those from Signal Centre) are for informational purposes only and should not be construed as investment advice by you. Such technical analysis are believed to be obtained from sources believed to be reliable, but not warrant their respective completeness or accuracy, or warrant any results from the use of the information. Your use of the technical analysis, as would also your use of any and all mentioned indicators, strategies, columns, articles and all other features, is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness (including suitability) of the information. You should assess the risk of any trade with your financial adviser and make your own independent decision(s) regarding any tradable products which may be the subject matter of the technical analysis or any of the said indicators, strategies, columns, articles and all other features. Please also be reminded that if despite the above, any of the said technical analysis (or any of the said indicators, strategies, columns, articles and other features accessible on/through this site) is found to be advisory or a recommendation; and not merely informational in nature, the same is in any event provided with the intention of being for general circulation and availability only. As such it is not intended to and does not form part of any offer or recommendation directed at you specifically, or have any regard to the investment objectives, financial situation or needs of yourself or any other specific person. Before committing toa trade or investment therefore, please seek advice from a financial or other professional adviser regarding the suitability of the product for you and (where available) read the relevant product offer/description documents, including the risk disclosures. If you do not wish to seek such financial advice, please still exercise your mind and consider carefully whether the product is suitable for you because you alone remain responsible for your trading – both gains and losses.
RShort
by Saxo
1
Oil Update for 3/1/2022Hello everyone, as we all know the market action discounts everything :) _________________________________Make sure to Like and Follow if you like the idea_________________________________ Oil prices rose on Monday as the market began 2022 on a bullish note, with suppliers in the spotlight ahead of Tuesday's OPEC+ meeting, but rising COVID-19 cases dampening demand optimism. Brent crude was up 59 cents, or 0.76 %, to $78.37 per barrel. West Texas Intermediate oil futures in the United States rose 63 cents, or 0.84 %, to $75.84 per barrel. "Tightened Libyan supply ahead of an Organization of Petroleum Exporting Countries and Allies (OPEC+) meeting maintained market sentiments upbeat," said Abhishek Chauhan, head of commodities at Swastika Investmart Ltd. Libya's official oil company announced on Saturday that owing to maintenance on a critical pipeline connecting the Samah and Dahra fields, the country's oil output would be reduced by 200,000 barrels per day for a week. Meanwhile, four sources predict that OPEC+ will maintain to its plan of adding 400,000 barrels per day of supply in February. Oil prices surged about 50% last year, fueled by the global economic rebound from the COVID-19 pandemic depression and production restraint, even as infections hit all-time highs around the world. US crude is expected to average $71.38 a barrel in 2022, up from $73.31 in the previous month's consensus. Oil and natural gas rigs were installed in the United States for the 17th month in a row, as rising prices enticed some drillers back to the wellpad following last year's coronavirus-driven decrease in demand. As shown in a monthly report released on Thursday by the Energy Information Administration, U.S. crude oil production increased to 11.47 million barrels per day in October, up 6% from the previous month, as output climbed in the Gulf of Mexico as the region recovered from storms. This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice. If you have any questions please ask and have a great day !! Thank you for reading.
TVC:USOIL
by GabiDahduh
OIL: Huge Head & ShouldersWow! Could this be the right shoulders forming on OIL? The remaining imbalance is being filled and we are creeping up into the main supply, if we see rejections, we could have a bearish move all the way down into the equal lows. Traders, if you have your own opinion about this idea, write in the comments section, I always reply. RISK DISCLAIMER: Trading Crypto, Futures, Forex, CFDs, and Stocks involves a risk of loss. Please consider carefully if such trading is appropriate for you. Past performance is not indicative of future results. Always limit your leverage and use a tight stop loss. -------------------------------------------------------------------------------------------------------- Please like, subscribe, and share this idea with others! --------------------------------------------------------------------------------------------------------
FOREXCOM:USOILShort
by AlkalineFX
2
OPEC+ Decision Put in the BottomThe CDC first designated Omicron as a Variant of Concern on December 1, but crude oil bottomed on December 2 when OPEC+ made its output decision.OPEC+ Decision Shifted Momentum to Upside, Not Easing of Omicron Fears So what happened on December 2 to turn crude oil prices higher? OPEC+ agreed to go ahead with oil output increase. It didn’t cave into U.S. pressure to accelerate daily production, it stuck with its plans for a 400,000 barrel per day rise. Fearing another supply glut, sources said the Organization of the Petroleum Exporting Countries, Russia and allies, known as OPEC+, considered a range of options in talks on December 2, including pausing their January hike of 400,000 barrels per day (bpd) or increasing output by less than the monthly plan, according to Reuters.
OANDA:BCOUSD
by DaveBrascoFX
Brent Crude Technical TouchThe overall decline of Brent crude benchmark prices from $86.70 per barrel to $65.72 went within the five-wave pattern. Yet, it could possibly transform to an ABC correction with an A wave that we are witnessing now, or we may have an incoming bearish trend, but we may certainly depict one more downside wave. The first wave that finished from $86.70 to $80.20; The second wave, which recovered to 76.4% of the Fibonacci retracement; The third wave, which declined from $85.50 to $77.58; The fourth wave, which rebounded to 61.8% of the Fibonacci retracement ; The fifth wave, which declined from $83 per barrel to $65.72m - an extension of 2,382% to the length of the first wave. After all five waves pass, Brent crude prices would likely be a subject of an upward correction in a zig-zag form or double zig-zag. I have reasons to consider that we have witnessed the first part of the rise as Brent crude prices have made a rebound of 50% from its projected lows. Initially I have suggested that the multi-month upward trend that has started in April 2020 would survive. However, now its support has been passed downwards and this support at $75-76 per barrel is now being tested as a new resistance. So, it is logical to expect prices to roll back from this level. And this was confirmed at the end of this week. Besides, an “evening star” pattern was formed within the last three days on the daily timeframe chart. On junior timeframes we have received a divergence between peaks at $76.24 and $76.69 per barrel. By saying this we may suggest there is a strong technical reason for Brent crude prices to slide. The inner side of a zig-zag usually provides a decline of 50% to 61.8% to the first part of the growth. This means a scale back of Brent crude prices to $70-$71.30 per barrel. Sometimes, this decline could be less at 38.2%. In our case we should turn to a five-hour timeframe where we have two potentially interesting zones that the price may return to. The first zone is located at $71.80-72.18 per barrel, and the second is at $69.82-71.93 per barrel. Zones have a small overlapping on $71.80-71.93, where we may expect the price to return to where it was in the first place. We may also have a steeper correction to $69.91 per barrel, but it is unlikely we will see prices below that level. With this being said we may suggest another upside wave for Brent crude prices that would be equal to the first wave or lower by 38.2%. We should also remember that there is no five-wave pattern. So, we may have a threat of another downside wave of crude prices in late January or even February 2022.
OShort
by scavoanastasiia
USOIL HTF AnalysisHello Everyone, As you know, Crude Oil took a hit during the early stages of pandemic and became relatively cheap for a while. However, with the beginning of 2021, energy crisis occured around the globe and the whole climate crisis made things a lot worse for both consumers and producers. And still, global energy prices continues to go up. Anyway, let's take a look of technical view of things and the price action of crude oil on 2W charts. Red level had been a great resistance level for a long time and sellers manage to protect this area while pushing the price down, until there are no buyers left, which led to a liquidation cascade back in 2014. And the buyers only managed to push the price up to November 14 levels(which was also a supply level in Weekly tf) and led to another liq cascade thanks to Covid19. Now, buyers again pushed the price to the exact same level and met with selling pressure and deviated around 75-76 price level. If the buyers manage to hold 76.17(for couple of days) the price will most likely visit the gray area first and will be targeting the red line which was the original sell-off point in the first place. However, if the prices loses the green area and continues to close below, that would be a bad sign and the latest attempt will be left as a deviation and the price will likely search for a liquidity around 57.50 lows and then will continue on it's way to other support levels and the blue demand area as well. Summary: In order to continue it's bull-trend, the price should close above 76 and hold above this level. If the price loses the green box that would be bearish. Area between blue box and green box will turn into a small range at first and that won't be not good sign for both bulls and bears as the price will go flat for a while. Which may turn into a suitable area for range traders.
TVC:USOIL
by Stravios
WTI Falls 13% In A Day; The Battle For The Price Of Oil ContinueThe price of oil dropped 13% on Friday (26/11/21), marking the commodities worst single day in 2021. A drop in oil prices this large was last seen in January/February 2020, when WTI was making its way down to unprecedented negative per barrel territory. No one expects oil to veer this low again, but the comparison to 2020 is apt, with Coronavirus responsible for the commodity’s downfall on both occasions. New Coronavirus variant discovered in South Africa An effort to lower the price of oil had begun before the new Coronavirus strain, named the Omicron variant, appeared. Led by the US, a strategic release of Oil reserves was being enacted or considered by members of the International Energy Alliance (IEA) in an attempt to lower the price of oil, which they saw as hampering their respective economic recoveries. It has been claimed that the strategic release would have little effect on the oil price, as the quantity to be released is half of the world’s daily consumption. Yet, oil has fallen from its 2021 highs of US ~$85 per barrel since the announcement. In response, OPEC+ was said to be reconsidering its plan output increase to counter the strategic reserve release by the US and its IEA allies. The OPEC+ rumours helped plug some of the losses oil was experiencing, but not enough to stop consistent weekly losses in the commodity’s price. By Friday, oil had rung up five weeks of straight price decreases. Is the Omicron threat overshooting the fair price of oil? The Omicron variant is possibly the worst coronavirus variant known, as reported by the BBC. However, uncertainty exists as to how vaccine resistant, virulent, and deadly the strain is compared to its predecessors. As such, countries quickly moved to restrict travel from South Africa, reminiscent of January/February 2020, when international travel came to a screeching halt, and the price of oil fell from US $63 per barrel to sub-zero. Countries that have placed travel restrictions on South Africa (and other African nations) include the US, the UK, and Germany. As of writing, WTI is trading at US $68.16 per barrel, as mentioned above, 13% lower than Thursday’s price. Two questions come to mind: Has the market reacted too severely to the threat posed by Omicron? Can the strategic release of oil by IEA nations now be halted or pared back? Regarding the former, Goldman notes that Omicron should have only warranted a ~6.5% drop in the price of oil and that the commodity should quickly recoup some of Friday’s dip. Regarding the latter, it might not be too late to turn this tap off. IEA nations have pledged to release as much as 80 million barrels of oil, with 50 million of these barrels coming from the US. However, a genuine commitment from IEA members has yet to be agreed upon, with discussions still underway as of Friday.
TVC:USOIL
by BlackBull_Markets
crude oil Since history always repeats itself, we expect oil to drop to levels 38, 34 , as you see there are 2 ascending triangles , one big and the other small, look at the small one, after the price broke the third higher low , the price retested it by forming double top then descending wolfe wave formed ,then the price free fall fell so we are expecting the same path for the big ascending triangle , zoom out to see it now the price broke the third higher low in big ascending triangle , we expecting the price to retest it the form a descending wolfe wave the free fall to 34 ,In addition to fears of an inflated global excess supply of crude in the first quarter of next year, due to lower demand. Take your profit & RUN! 🏃‍♂️ I hope you all have a brilliant trades 💖 Stay safe ✌️
OShort
by Elrouby
1
Oil is headed down in 60s rangePrices of oil have a direct impact on the inflation. The higher oil prices have started impacting the consumers across the globe. We have used Aspen Trading Support & Resistance Levels to analyse the oil prices trend. It has clearly broken down the short-term support levels at 77.75 and most probably could lead to further down side. As the the oil production ramps up, the oil prices could stabilise at the pre-covid levels in the range of 60s. Note - Aspen Trading S/R levels are invite only. They can be accessed through my profile information. Disclaimer: This analysis is for information purpose only and does not constitute any investment advice.
FX:USOILShort
by tradingswift
🛢️ Crude Oil - Wti Back to 70,64 🚢🔱Don't fill your tanks (or tankers) yet because we see an unchecked level at 70,64$ that will most likely need to be checked. High dollar, inflation worries, Oil must be 'controlled' and the battle to tame inflation. Biden knows, Europe knows, China knows. Price is under an ascending channel and this is a highly bearish signal that triggered the correction. Price is attempting to rise but the 80$ mark is a technical and psychological resistance that will be hard to breach over. Fill your tanks and tankers next month. the FXPROFESSOR
TVC:USOILShort
by FX_Professor
4