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Convergence of key levels provides major test for crude oil bulls

Tuesday looms as a great day to wait and observe the price action in WTI crude following another powerful surge, leaving the benchmark at a key level it struggled to overcome in the past. Its performance may provide a strong signal on whether to get onboard the bullish move or get setup for shorts on a possible swing top.

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June 17, 2024 11:52 PM
Oil refinery

Crude oil forecast: WTI breaks out

Despite weaker-than-expected industrial data from China overnight, which should have raised concerns about demand, crude oil prices have rallied more than 1.5% today, building on the 3.5% to 4.0% increase from the previous week.

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June 17, 2024 04:57 PM
Oil_cans

Crude oil bears were 'caught short' at the lows, bulls now eyeing $80

Market positioning shows an influx of shorts hitting crude oil, in what now looks like a cycle low. And whilst bulls are eying a break of $80, they could benefit from a pullback first.

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June 13, 2024 04:32 AM

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Crude oil forecast: WTI hits trend resistance ahead of key macro events

It is possible we could see crude oil prices come under pressure again after the recent recovery. After all, there are several factors that are likely to limit the upside potential from here, including increased non-OPEC supply, which is undermining the OPEC+ efforts to stabilise the markets.

Energy

Crude oil surge lacks conviction, seeking reversal signal to initiate shorts

Crude oil surges 8% in four sessions. But volumes were nowhere near as bullish as the price action would suggest. Given its struggles above these levels, waiting for a topping pattern to go short is favoured.

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June 11, 2024 12:40 AM
Energy

Crude oil forecast: WTI stages sharp recovery

While there is hope for increased fuel demand as we head deeper into the US driving season, today’s recovery comes on the back of a three-week drop amid concerns over demand in China and rising non-OPEC supply. So, it remains to be seen whether the recovery can hold. The crude oil forecast will be under spotlight when the Fed make a decision on interest rates later this week.

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June 10, 2024 06:00 PM
Research

USD, GBP/USD, Gold, Crude Oil Analysis: COT report

Traders may have reduced net-long exposure to USD futures in aggregate, but they remain net-long and a bullish reversal week formed on the USD index. We also take a look at GBP/USD, gold, WTI crude oil and US indices positioning (S&P 500, Dow Jones, Nasdaq 100).

Oil extraction

Crude oil reverses hard on improved demand outlook, delivering bullish technical signal

With a solid US ISM services PMI print and rate cut from the Bank of Canada (BoC) helping to fuel the soft-landing narrative, the rout in WTI crude oil reversed on Wednesday, delivering a bullish technical pattern that points to the potential of further gains ahead.

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June 5, 2024 11:43 PM
Oil rig on an grey day

Demand to drive WTI crude moves with supply-side now accounted for

Last week’s candle on the WTI crude chart provided an obvious signal on directional risks that came to the fore on Monday, combining with weak economic data out of the United States and belated surprise that OPEC+ will boost production levels later this year to send the price hurtling to lows not seen since February.

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June 4, 2024 07:35 AM
Energy

Crude oil analysis: WTI plunges on demand fears as OPEC+ fails to lift prices

Crude oil analysis: ISM manufacturing PMI miss highlights demand worries after OPEC + failed to underpin prices with their latest decision to extend output cuts. WTI technical analysis is clearly bearish but watch out for oversold bounce as prices approach technical support levels.

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June 3, 2024 05:29 PM
Energy

WTI crude softens post OPEC+, back in the sweet spot for bulls

An extension of deep and prolonged production cuts from OPEC has failed to ignite a rally in crude oil futures with prices sinking for a fourth consecutive session. However, with WTI returning to what’s been a reliable zone for bulls in the first five months of the year, these levels may prove tempting for those looking for a bounce given favorable risk-reward.

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June 3, 2024 01:31 AM
Oil rig on an grey day

Crude Oil Forecast: WTI, Brent Battle Strong USD Ahead of OPEC+

The OPEC+ supply outlook for WTI and Brent crude oil is a more potent driver of price action in the current environment than the US dollar.

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May 29, 2024 07:45 PM
    Research

    USD/JPY breaks its latest glass ceiling, crude oil surges ahead of OPEC+

    USD/JPY closed above 157 for the first time since the MOF last intervened, which brings 158 into focus for bulls. Crude oil also rose over 3% on Tuesday from arguably oversold levels.

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    May 29, 2024 12:00 AM
    Quarry and various stones

    Crude oil, copper bounce as commodity rally resumes before US inflation report

    The rout in commodity prices didn’t last long, as expected, with dip buyers emerging late last week to take advantage of better entry levels. Crude and copper look particularly constructive following the recent bounce.

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    May 28, 2024 12:38 AM
    Oil rig in the sea

    WTI crude slides to range lows, nears sweet spot for longer-term bulls

    The pullback has seen WTI move into what’s a been a very decent buying zone in recent years, providing an opportunity to establish longs at lower levels.

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    May 23, 2024 06:42 AM
    aus_04

    USD thrives, AUD/USD dives, flash PMIs up next: Asian Open

    USD rallied against all FX majors except the pound on Wednesday following thanks to not-so-dovish FOMC minutes. AUD/USD now finds itself struggling to hold 66c.

    Energy

    Crude oil weekly forecast: WTI range under threat as bullish momentum builds

    Monday could set the tone given the bullish price action seen across the commodities complex on Friday as China announced a rescue package for its troubled property sector. If the momentum can be maintained, there’s every chance WTI may break downtrend resistance dating back to the highs set in April.

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    May 19, 2024 03:00 PM

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    WTI crude oil remains trapped, bitcoin looks set for a bounce

    Crude oil finds itself between a rock and a hard place where technical levels are concerned, although that doesn't mean it can't at least make a minor bullish breakout before another leg lower. Price action on bitcoin appears to be more constructive for bulls, at least over the near term.

    Energy

    Shorting crude oil could be getting ‘long’ in the tooth

    Oil bears have been busy over the past few weeks helping to send crude oil prices over 12% lower since the April highs. Yet recent price action suggests it could be set for a bounce.

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    May 9, 2024 02:35 AM

    Crude Oil Forecast: The Two Key Reasons WTI and Brent Oil Are Breaking Support Levels

    Rising inventories and a recovery in the US dollar are driving the latest bout of weakness in WTI and Brent crude oil prices.

    Energy

    WTI crude oil forecast: Key moment looms with bullish uptrend under threat

    WTI crude was looking suspect even before Wednesday’s significant swoon, leaving the price teetering on key uptrend support dating back to the Fed’s rate cut pivot in December. Should it give way, there’s not standing between a larger flush to the mid-$70 per barrel region.

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    May 2, 2024 05:02 AM
    Energy

    Crude oil analysis: WTI on course to finish higher for fourth month

    Crude oil investors eye clues about demand outlook ahead of busy week, as OPEC+ cuts and reduced fears about Eurozone economy keep oil prices supported. WTI technical analysis suggests trend is still bullish.

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    April 28, 2024 03:00 PM
    gold_04

    Gold’s worst day in two years, Crude oil eyes bounce above $80: Asian Open

    There has been a shakeup at the top for gold, which opened the week at the high and closed the day at the low during its worst day in two years. We also look at a potential swing trade long on WTI crude oil.

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    April 22, 2024 11:48 PM