• 2 days The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 1 day European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 4 days Demonising fossil fuels has caused major grid problem in Australia
  • 3 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 5 hours "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 9 days "And this is perhaps the most dangerous kind of government there can be."
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 5 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 330 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 8 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Hedge Funds Hold The Cards For The Next Move In Oil

January West Texas Intermediate crude oil futures are showing a muted response to the news that the OPEC-led group agreed to extend their production cuts in a widely expected move designed to trim the supply glut and stabilize prices.

OPEC and non-OPEC producers led by Russia on Thursday agreed to continue the production cuts until the end of 2018, while also signaling a possible early exit from the deal if the market overheats.

WTI crude oil traders reacted as if the OPEC news had been fully-priced into the market. The WTI futures contract is holding above a key area on the daily chart at $57.03 to $56.55, indicating the presence of buyers. A sustained move $57.03 will be bullish, a sustained move under $56.55 will be bearish over the near-term.

(Click to enlarge)

The daily swing chart indicates there is plenty of room to the upside if $59.05 is taken out with conviction. If this attracts increasing volume then we could see an eventual move into the July 14, 2015 main top at $61.88.

On the downside, the main trend will change to down on a trade through $56.75. After clearing this price and the short-term Fibonacci level at $56.55 when we could see the start of a steep break with the first target a support cluster at $55.07 to $55.00.

According to Kiyoshi Homma, a director at Japanese refiner Idemitsu Kosan, “Oil prices are likely to hover around current levels till next June, when stockpiles would be optimized through continued…




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