104.89 has been the high so far today as the growth chaser keep stocking up on the black gold. We knocked through the short term resistance line by a couple of pips and are holding just below. The action suggests … Continue reading
Or 102.00/20 to be more precise. The upward trend in oil is still intact and we’re following up the channel nicely. The level has seen plenty of action this year and dips below have yielded better rewards than pokes above. … Continue reading
Weekly numbers from the EIA: gasoline stocks down 1.8m barrels vs 0.3m build forecast Crude stocks at Cushing down 1.53m barrels Marginally bearish for oil.
WTI is back above $104 and gasoline futures are higher on account of the long weekend starting tomorrow. The holiday also marks the start of the US driving season. WTT futures also remain elevated ahead of the Ukraine elections, though … Continue reading
A sizable drawdown but it’s not having any marked effect on WTI prices at the moment. We’re sitting on the highs over 103 having been as high as 103.46 in futures. We can expect some resistance around the 103.80/104 mark. … Continue reading
WTI crude oil prices climbed 50-cents after bullish API inventory data. Crude is now bumping up against last week’s high of $103.09. Beyond that, there is very little resistance until the March/April double top near $105.
API reported a 10.3 million barrel drop in US oil supplies in its weekly report. The market was looking for just a 0.75m barrel build and prices immediately jumped to $102.70 afterwards the continued to climb to $102.90. Inventories at … Continue reading
I’ve been playing the top of this Brent pattern a few times and were up here again. We’re into the realms where the wedge is closing and we’re likely to get a break but even outside of that there are … Continue reading
WTI crude oil climbed above $101 today for the first time since late April but has slumped in US trading, falling to $100.02. Ukranian geopolitical worries continue to simmer in the background but the market is no longer as fearful. … Continue reading
Oil gained $1.35 to $100.85 today to the highest in a week. Oil is retracing after a five dollar fall that began in mid-April. To me, oil looks weak from here. The economy is sluggish and more supply is coming … Continue reading