• 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.
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 23 hours The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 1 hour Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 23 hours Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 1 day Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
  • 9 hours US intel warns China could dominate advanced technologies By NOMAAN MERCHANT October 22, 2021
  • 1 day "The Hidden Story About California's Container Ship Backlog" via Corbett Report
  • 19 hours Storage of gas cylinders
  • 3 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Impending Volatility In The Oil Markets

This week’s price action in the crude oil market suggests that last week’s huge sell-off may have been a liquidation break or the break designed to drive out the weakest longs. If you recall, prior to the sell-off, hedge fund and money managers were sitting in record long positions in crude oil.

After trading lower earlier in the week, crude oil started to make a comeback and is now in a position to post a major reversal to the weekly chart. This price action suggests impending volatility and investor indecision. Despite last week’s steep sell-off, this week’s response by investors suggests the market may be going through a transition period as the bearish investors battle it out with the bullish speculators.

On one hand, the bullish speculators are placing high hopes on a weaker dollar and OPEC-lead output cuts to underpin prices. Bearish investors are saying that rallies will continue to be capped as long as U.S. crude remains near record levels.

Prices are being supported this week by the U.S. Energy Information Administration’s weekly inventories data which showed supply decrease for the first time in nine weeks, dropping 237,000 barrels from a record high.

The Fed’s less-hawkish monetary policy statement has been pressuring the U.S. Dollar since Wednesday. This seems to be having a positive influence on the dollar-denominated crude oil market because it may be helping to increase foreign demand.

Earlier…




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