Currenlty looking to see if oil is going to continue increasing in price to the 85-86 range, I think we have some potential room to go up still before we see any type of retracement or even bearish price action. Enjoy!
In response to a weaker headline US inflation print of 5%, energy and metal prices rose as the dollar dropped. While gold and silver have since come off their earlier highs, copper has managed to push higher. But it is crude oil that is catching the attention with both contracts up more than 2% each. Why are oil prices rising? Well, the biggest reason is from...
Oil continues to hold firm on Wednesday after a strong surge on Tuesday that saw close to two percent added after sellers looked to test the new floor set up by buyers after the stunning gains seen after OPEC's surprise production cuts. Since the news price has sat in a range between $79.65 and HKEX:81 , maybe we would have seen a new test lower to see how firm...
Gap means a runaway in prices or a confirmation of a clean break away from its downtrend line. (Technical) OPEC-Plus made a surprise announcement to reduce oil production starting May. Unlike OPEC, OPEC-Plus involve many more countries. This signals a synchronise effort to boost crude oil prices. Expect a much higher oil prices to come. (Fundamental) My recent...
The OPEC+ decision means nearly 1.7 million barrels of oil per day will be held back from global supply. This should help to keep the WTI supported. • Significant reduction from oil supply should keep downside limited • Demand concerns overstated • We think WTI could reach $85 to $90 WTI crude oil hit a fresh post-OPEC high above $81.80 on Tuesday, before...
The Organisation of Petroleum Exporting Countries and its partners (OPEC+) producers surprised the market with a decision on Sunday 2 April 2023 to lower production limits by more than 1mn barrels per day (bpd) from May through the end of 2023. This decision was announced ahead of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) meeting scheduled on 3 April...
02 Apr 23 OPEC+ made a surprise announcement to reduce its production starting May. The direction of the commodities price is always about supply and demand. With the China opening, there will be an increase in the demand for crude. The reduction on its production will likely cause crude to trend much higher. Video explained why crude to break above USD106. ...
After the Organization of the Petroleum Exporting Countries supply cut and considering the Elliott Wave Chart Pattern, i would say the next price target for XLE Energy Select Sector SPDR Fund is $92.60. Looking forward to read your opinion about it.
NYMEX: WTI ( NYMEX:CL1! ), RBOB Gasoline ( NYMEX:RB1! ) Over the weekend, eight OPEC producers, led by Saudi Arabia, announced intentions to cut oil production by 1.16 million barrels per day through the end of the year. This adds to Russia’s existing plan to trim 500,000 barrels from February level, bringing the combined voluntary cuts of OPEC+ members in excess...
As mentioned in my previous oil update a couple of weeks ago that “the OPEC might have to cut even more production to prevent prices from falling significantly further,” that’s precisely what they did at the weekend, creating a big gap in oil prices. Oil prices eased off their highs slightly, but not by much. At the time of writing, there were approaching the...
The surprise production cut announcement from OPEC+ on Sunday caught us off guard! With oil prices surging close to 7%, the question arises: will this trend persist? To put the production cut into perspective, the unexpected 1.16 million barrels per day reduction is a continuation of the cuts announced last October. In total, these cuts will represent roughly...
With a sudden OPEC decision to cut oil production rate, the market opened with a huge gap up. The price is currently testing a solid horizontal supply cluster. What we know about gaps is the fact that in 80% of the time they tend to be filled. I believe that sellers will push the price from the underlined resistance and initiate a bearish move. Goals will be...
Following the surprise news from OPEC+ where the cartel decided to cut production by more than 1 million barrels a day, energy prices gapped strongly to the upside. WTI tested the 82 price level again which was at the 50% fibonacci retracement level. Typically it is believed that price would have to close the gap before continuing with the trend again....
The price of Crude Oil gapped 6% on market open tonight & moved up 460 PIPS😳 What a crazy move! This was caused on the back of Saudi Arabia & OPEC announcing further Oil output cuts of around 1.16 million barrels a day. This is their way of fighting back against the U.S. & punishing them. This'll create immediate price rises in the United States, then also follow...
The Biden administration said the surprise oil output cuts announced on Sunday by Saudi Arabia and other OPEC+ countries were not advisable. The west is not excited by the price development and we can expect an answer to keep the black gold in a reasonable range. Mid-70s is working well to reduce inflation and keep the economy running, that's why a logical move is...
Russia announced they will extend pledged oil cuts through 2023. Saudi Arabia will cut oil output by 500,000 BPD from May Crude ready to extend move next week, possibly above the trendline resistance? Weak USD and strong stocks can certainly help
Crude just made a double bottom and made a massive reversal from last crash. Short term further bullish momentum can be expected!
• Oil prices remain under pressure despite receding banking fears • Major technical breakdown suggests more losses could be on the way • Will the OPEC come to the rescue? After falling by 8% at one point, crude oil prices managed to bounce back from their worst levels on Wednesday along with everything else. The rebound came on the back of news the Swiss...