Oil rigs 591 vs. 596 last week Gas rigs 166 vs. 162 last week total rigs 759 vs. 760 last week prior week Crude oil
Crude Oil
Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk,
Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk,
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This week the supply data showed a bigger than expected build for crude oil of 8844K vs. estimates of a draw of -250K. Gasoline stocks showed a build of 333K vs. a draw of -1667K estimate.
The price of crude reached a low of $81.18 yesterday, but is up strongly today and extended back above its 100 hour moving average currently at $85.43. The 200 hour moving average comes in at $87.67. The last time the price traded above its 200 hour moving average was back on August 30. The 38.2% retracement of the move down from the August 30 high comes in at $87.47.
