Weekly Chart A quick look at the weekly chart shows that CL has found the point of control level for the volume profile indicator as support. The market surged through the POC initially a few weeks prior, retraced to test it, and bounced, now trading 5.7% above it. If you look at the chart below, Read More…
Oil prices rose on Wednesday due to tighter-than-expected US crude supplies, although concerns about the Chinese economy tempered the gains. On Tuesday, oil benchmarks surged by over a dollar as the US dollar weakened, following soft jobs data. This report reduced the chances of further interest rate hikes. US crude inventories (Source: Bloomberg, EIA) On Read More…
On Wednesday, oil prices decreased by 1% due to concerns about demand amid increased US gasoline stocks and weak global manufacturing data. These concerns outweighed the positive sentiment regarding a larger-than-anticipated reduction in US crude stocks. Last week, US gasoline stocks increased by 1.5 million barrels, contrary to analyst predictions of an 888,000 barrel decrease. Read More…
Recap A few weeks ago, we looked at a short trade in CL. It is time for an update regarding that trade and further technical analysis that may help us find alternative opportunities. To see the previous article on CL, where we look at the short trade on the daily chart, you can do so Read More…
On Wednesday, oil prices dropped despite a significant decrease in US crude stocks. Investors were torn between concerns about China’s struggling economy and the anticipation of tighter supply in the United States. In the previous session, oil benchmarks fell more than 1%, reaching their lowest point since August 8th. WTI and Brent futures (Source: Nymex, ICE) Read More…
On Wednesday, oil prices rose as the global Brent benchmark surged to its highest since January. This rise came after US fuel reserves were significantly reduced, combined with output cuts from Saudi Arabia and Russia. These cuts overshadowed worries about sluggish demand from China. The West Texas Intermediate crude ended at $84.40, marking a $1.48 Read More…
