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…
On Wednesday, oil prices declined by 2%, despite a significant drop in US crude stocks. US crude oil inventories (Source: DOE) The Energy Information Administration reported a record decrease of 17 million barrels in US crude inventories. This resulted from increased refinery operations and robust crude exports. However, a major ratings agency’s downgrading of the Read More…
Recap The resistance zone we analyzed last week has finally been hit as the bulls pushed the price up 22% since its recent local low made in June. Crude has largely been stuck in a range between $67.26 and $80.74 for the entire year as we eagerly await the potential break out. The question is Read More…
On Wednesday, oil prices dropped by approximately 1% due to two factors. Firstly, data revealed that US crude inventories fell less than anticipated. Secondly, the Federal Reserve raised interest rates by 0.25 percentage points. Earlier in the session, oil experienced a decrease of more than $1, despite reaching three-month highs on Tuesday. WTI futures (Source: Read More…
