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WTI crude prices once again broke below the $70/bbl mark. This time, it closed below that level for the first time in nearly a month. After the US close, a brief rally was cut short by China PMI’s. This comes ahead of the pivotal OPEC+ meeting that ...
The roller-coaster ride for crude might be coming to an end, after the White House confirmed yesterday it would start replenishing the SPR as soon as June. Rumors of this circulated at the start of the week, helping provide a floor for crude prices ...
Net job creation in the US has been coming down since the middle of last year. Through that time, analysts have consistently underestimated the number of people getting hired each month. Now, the consensus for January is for 185K, lower than the ...
The price of crude has been on something of a roller-coaster since the start of the year. From a sudden drop in the first days of January, it climbed through the third week, only to have a hard drop a couple of days ago. Naturally there have been ...
Since early November, crude prices have been falling markedly. Brent is down around 20% in that period, and a couple of days ago even fell below the level at the start of the year. Not only have the gains from the war in Ukraine been erased, but ...
Yesterday, OPEC and the IEA provided their monthly reports on the oil industry. What got quite a bit of headlines was OPEC’s forecast that crude demand would decrease during the remainder of the year. With both Brent and WTI below the $100/bbl mark, ...
All last week, crude prices trended higher after bouncing off the $100/bbl handle. Despite the extended holiday, there has been some interesting news that could drive the market. One of the bits that got little coverage, but could be a sign of where ...
The headlines from the OPEC+ meeting yesterday were that the cartel agreed to keep its policy steady. And technically, that is true. The Organization agreed to raise production (specifically, ‘ease cuts’) by 400K, starting in April. This was a bit ...
USOIL looks at a global upward impulse wave a of the cycle degree. This consists of primary sub-waves ①-②-③-④-⑤. After the end of the primary correction wave ④, an impulse came into formation. Most likely, the primary fifth wave is now under ...
USOIL seems to be forming a global upward impulse c of the cycle degree, which consists of primary sub-waves ①-②-③-④-⑤. USOIL seems to be forming a global upward impulse c of the cycle degree, which consists of primary sub-waves ①-②-③-④-⑤. At the ...
The current USOIL structure suggests the development of a global upward impulse c of the cycle degree. This consists of primary sub-waves ①-②-③-④-⑤. By the beginning of December, the market completed a downward price movement within the primary ...
Because of supply chain issues, oil prices are one of the biggest factors causing higher inflation. After oil futures crashed into negative last year, they have “overcorrected” and are trading above pre-pandemic levels. This has been a headache for ...
We can assume that USOIL is currently developing a global upward impulse. This includes the primary wave ③. The current chart shows the final part of the primary third wave, where we see the complete correction wave (4) of the intermediate degree. ...
Last night, workers at a US refinery in Texas voted against resuming work in the latest round of acrimonious negotiations between the union and Exxon Mobile. The company plans to transform the location into the largest refiner on the continent. ...
After falling through most of the month, crude prices finally hit a rebound this week. Generally, the weakness can be incidental to concerns over the potential slowing of the economy because of the delta variant. But that might be too superficial of ...
US OIL prices continue to decline in what seems to be a wave Y of a double zigzag correction. The current action suggests that the complex pattern belongs to wave ③ of a primary degree bullish impulse. As part of an intermediate wave (2), we can ...
For most of the latter half of last year, crude prices remained largely stable, with WTI hovering just a little over $40/bbl. This could have gotten some traders used to a relatively flat price range for crude. But if one thing is true about the ...
The current structure suggests that we are in the final part of a cycle degree zigzag d, which is part of a larger degree triangle. Wave d consists of primary waves Ⓐ, Ⓑ, and Ⓒ. With waves Ⓐ and Ⓑ fully completed and Ⓒ halfway through its final leg, ...
The weekly crude oil inventories report is delayed this week due to the New Year’s Day holiday. So, the report will be released tomorrow instead of the usual Wednesday release date. Last week, the EIA reported a 5.5 million barrel drawdown which ...
Its been another frustrating week for crude traders given the initial rally in the market, and subsequent retracement lower. Oil was boosted mid-week by the latest industry reporting which showed an unexpected drawdown in US crude stocks. The Energy ...