• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 4 hours U.S. Shale Oil Debt: Deep the Denial
  • 19 hours Satellite Moons to Replace Streetlamps?!
  • 1 day EU to Splash Billions on Battery Factories
  • 15 hours The Dirt on Clean Electric Cars
  • 13 hours Owning stocks long-term low risk?
  • 2 hours Why I Think Natural Gas is the Logical Future of Energy
  • 6 hours Can “Renewables” Dent the World’s need for Electricity?
  • 3 days US top CEO's are spending their own money on the midterm elections
  • 3 days A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 2 days The Balkans Are Coming Apart at the Seams Again
  • 2 days 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 1 day The end of "King Coal" in the Wales
  • 2 days Uber IPO Proposals Value Company at $120 Billion
Alt Text

Oil Prices Rise On Iran, Hurricane Outages

Oil prices recovered on Tuesday,…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Follow The Smart Money To See Where Oil Goes

Rig

Crude oil is set to post a strong gain for the week, boosted by a last minute decision by OPEC on September 28 at an informal meeting in Algiers to limit output. The initial thrust higher by the December Crude Oil market was very powerful, leading some to believe the move had set off the start of a new bull market. That opinion was likely held by momentum traders and non-professional investors who tend to be attracted to monumental moves in a market without really knowing the internal structure of the rally.

I am in the group who share the opinion that the proposal to limit production is full of holes that need to be filled before this market develops a sustainable rally. I still believe the market is over-supplied and given the history of OPEC and its previous failed plans to curb production, I am still skeptical that any such agreement will be followed long enough to put a sizeable dent in the huge global supply.

However, I am smart enough to know that I have to let the moves play out and not to fight the short-term momentum or the long-term trend if one develops. I’m not against this market moving higher or lower. But if I start to buy aggressively, I want to make sure I have big money behind me because I’m not capable of moving the market myself. This means I need to find out as quickly as possible if the price surge on September 28 and the follow-through move on September 29 was triggered by new buying or aggressive short-covering. This is because…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News