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Crude Oil Forecast: Inventories drop, Geo tensions Rise, and USOIL Bounces

Crude Oil Forecast: Following bearish sentiment driven by weaker-than-expected Chinese economic growth, a drop in the US Dollar, the Houthi attack on an oil tanker in the Red Sea, and a decline in crude inventories, oil prices have rebounded above the $82 mark.

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Crude Oil Analysis: US Oil and UK Oil Breach Critical Support Zones

Crude Oil Analysis: With the Dollar’s stability and the correction of Chinese economic growth figures, oil is sliding below critical support zones.

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Crude Oil Analysis: Key Levels and Events for the Week Ahead

Crude Oil Analysis: Oil continues to trend within its primary consolidation phase, awaiting a significant fundamental catalyst to break out in either direction.

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Crude oil forecast: WTI turns positive, snapping 3-day fall

Crude oil prices turned high on the session, with Brent finding good support from $84.00 and WTI around $80.50. We are still anticipating higher oil prices due to slower output growth in H2, which should means a tighter oil market. Therefore, our crude oil forecast remains bullish.

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July 10, 2024 04:45 PM
Energy

Crude oil forecast still bullish despite drop

Recent softness in global data has weighed on oil investors’ expectations about the level of demand growth. Yet, some oil forecasters like the Energy Information Administration (EIA) continue to envisage higher oil prices, thanks largely to lower output growth. We also share this view and reckon oil prices are heading further higher in H2 as the market tightens. Our crude oil forecast thus remains bullish.

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July 9, 2024 06:30 PM
Oil refinery

Crude Oil Forecast: Clean Energy Spending Hits All Time Highs

Crude Oil Forecast: The transition towards clean energy is driving long-term bearish projections for oil, yet US economic growth and policies still dominate short-term trends

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July 9, 2024 09:34 AM
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Crude oil pullback offers long trade setup ahead of Powell

WTI crude oil has been respectful of Fibonacci retracements over the past few weeks. It’s also enjoyed a strong correlation with US S&P 500 futures. With Jerome Powell having little reason to remain hawkish later today, the recent pullback provides a decent entry level for longs looking for a boost to risk appetite.

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July 9, 2024 06:58 AM
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Crude oil analysis: WTI off highs but extends rally

West Texas Intermediate (WTI) crude oil was slightly off its best levels but remained on track to close higher for the fourth consecutive week as of late Friday. In the week ahead, keep an eye on crude inventories and consumer inflation data from the US.

Research

Crude Oil, EURUSD Forecast: Key Levels Ahead of Non-Farm Payrolls and CPI Week

Crude Oil, EURUSD Forecast: Oil hovers at the upper edge of its consolidation, while EURUSD surges towards it.

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Crude Oil Update: Geo-political Risks vs FOMC Policies

Crude Oil Update: in light of increasing geo-political risks, environmental risks, OPEC+ quota alignment, and anticipated summer season demand, oil is surpassing 2-month highs. Where is the next resistance?

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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
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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.

Oil refinery

Crude Oil, Natural Gas Analysis: Positive Breakouts, Are They Sustainable?

Crude Oil, Natural Gas Analysis: Crude Oil is tracing its largest gain since March, while Nat Gas is breaking through 6-month highs.

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

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Energy

Crude Oil Forecast: Week Ahead – June 10, 2024

The crude oil selling resumed on Friday after a two-day respite, although the losses were not as severe as those observed earlier in the week and far less forceful than the drop in metals. This is because a strong jobs report and services PMI data both helped to reduce fears over weakening demand in the US...

Research

Crude Oil and Gold Outlook: Pre NFP Trends

Crude Oil and Gold Outlook: Contrarian investors seek opportunities

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
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Crude oil forecast: WTI holds key support after sharp sell-off

Today’s release of a much stronger-than-expected ISM services PMI report has also helped to reduce economic slowdown fears, and this is helping oil prices. Traders have largely shrugged off the unexpected build in US crude oil stocks. In light of today’s recovery, the short-term crude oil forecast has turned moderately bullish.

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Crude oil, copper: Bullish China data offers relief for battered commodities

China’s services sector strengthened in May, boosting Chinese equity markets and providing some respite for commodities such as copper and WTI crude oil.

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Crude Oil and Silver Analysis: Commodities Approach Critical Levels

Crude Oil and Silver Analysis: Oil is on track towards yearly lows while silver dives back into the 29 territory