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Tag: crude oil futures (CL)
Oil Prices Surge Nearly 1% on Crude Inventory Decline
Oil prices rose nearly 1% on Wednesday after a bigger-than-expected decline in crude inventories, indicating robust demand. At the same time, weak data from the US raised the likelihood of a Fed cut in September, which would increase fuel consumption. Oil and crude inventories (Source: Nymex, EIA) The Energy and Information Administration reported that crude Read More…
Gold Futures (GC) Technical Analysis
Introduction Gold Futures (GC) are still performing well in 2024, up 14.2% YTD and 22% for the past 365 days. The main observations we can look at is the huge divergence between the 50 and 200 SMA. The 200 is steadily rising so long term investments and trades point bullish. At the moment, GC is Read More…
Technical Analysis Crude Oil Futures (CL)
Introduction Crude Oil Futures (CL) for the most part are trading in a consolidation phase. YTD CL is up 15%. However, the performance has been mixed, influenced by a stronger dollar and global economic concerns, such as the rebound in Russian crude exports (Barchart.com) (Barchart.com). Weekly Chart Analysis The weekly chart shows CL recently had Read More…
Investor Concerns Over Middle East Tensions Lift Oil Prices
Oil prices increased slightly on Wednesday as investors worried about supply due to escalating Middle East tensions. These supply worries overshadowed an unexpected jump in US crude inventories last week. Since the start of the war between Israel and Gaza, there has been a risk of escalation that has supported oil prices. Moreover, ceasefire talks Read More…
Crude Oil Futures (CL) Technical Analysis
Introduction Crude oil could be breaking out of a multi-year downtrend and on its way to triple digits once more. This is a big speculation but if you look at the chart below, you will see why it could be a possibility. At least, the support is very strong and even if price does not Read More…