On Wednesday, US crude oil prices fell sharply due to an unexpected increase in US crude stockpiles. The report raised concerns about demand in the largest oil market. WTI futures vs crude stockpiles (Source: Bloomberg, EIA) Despite an initial 1% gain, prices reversed direction following the US Energy Information Administration’s report. There was a surprise Read More…
Weekly Chart The weekly chart reveals a battle at a critical level for crude oil futures. A well-defined support zone at $71.50-$72.00 comes into focus, clearly marked by previous consolidation and the volume profile ‘point of control.’ This level represents a pivotal battleground between bulls and bears because it tells us that this is the Read More…
On Wednesday, oil prices rose approximately 3% due to a disruption at Libya’s primary oilfield. This incident heightened concerns about potential disruptions in global oil supplies. Moreover, there were escalating tensions in the Middle East. Oil rose for the first time in five days, marking the most significant daily percentage gain for WTI since mid-November. Read More…
In this week’s technical analysis of Crude Oil we will look at the weekly and daily charts. CL is down 26% since its 2023 peak made in September of last year and is currently trading inside of a support zone. Let’s see what the charts say and if we can find some opportunities. Weekly Chart Read More…
After gold made an all-time high a few weeks ago, the yellow metal sold off, and the chart turned bearish very quickly. The bulls will be happy to see that the selling pressure has softened and a new rally has begun. GC is now getting very close to the previous all-time high, where we saw Read More…
On Wednesday, oil prices settled slightly higher amid concerns over global trade disruption. There were attacks on ships in the Red Sea by Yemen’s Iran-aligned Houthi forces. Meanwhile, a surprise US crude inventory build, larger-than-expected fuel stock gains, and record domestic oil production limited price gains. The US Energy Information Administration reported increases in US Read More…
