• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 5 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 44 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 10 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 10 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 8 hours Did China cherry-pick the factors that affected the economic slow-down?
  • 4 hours Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 5 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 3 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 3 days Nord Stream - US/German consultations
  • 5 days An Indian Opinion on What is Going on in China
  • 409 days Class Act: Bet You've Never Seen A President Do This.
  • 3 days Australia sues Neoen for lack of power from its Tesla battery
  • 3 days Forecasts for Natural Gas
  • 5 days Storage of gas cylinders
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Oil Market Forecast & Review 28th June 2013

August crude oil futures bucked the trend in many commodities to post a strong close for the week.  The market was buoyed by signs of an improving economy and comments from a Fed official.

The week started with the market under pressure because of comments last week from Federal Reserve Chairman Ben Bernanke. In his post-Fed policy statement news conference, the Chairman basically said that the Fed would begin tapering its aggressive $85 billion monthly stimulus program when the evidence shows an improving economy. The market read his statement as the Fed will begin winding down the stimulus by the end of the year, but maybe as early as September.

His statement sent interest rates higher. Consequently, Treasury instruments fell along with stocks and commodities. August crude oil futures dropped from $99.21 on June 19 to $92.67 by June 24. At this point, crude oil investors thought the market had dropped enough and mounted a strong rebound, taking the market back to $97.41 by Thursday, June 27.

Also pressuring crude oil early in the week were concerns about the Chinese credit markets. At the start of the week, the market was reacting as if the Chinese markets were moving toward a full-blown credit crisis. About mid-week, however, crude oil began to stabilize after a People’s Bank of China official reassured traders by stating that the central bank was moving toward establishing more “reasonable rates”.

Stronger than expected…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News