• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 3 hours China sends warplanes thru Taiwan airspace. Joe's reponse . . . .
  • 11 mins Biden suspends oil and gas drilling on Federal Lands for 60 days for review.
  • 5 mins Joe Biden's Presidency
  • 17 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 23 hours Navalny Poisoning Weakens Russo German Relations
  • 9 hours Minerals, Mining and Industrial Ecology
  • 22 hours Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 1 day Will Empire be brazen about stealing OIL from Venezuela?
  • 7 mins Jim Rickards: Brace for a Great Escape from the Dollar and a Flood of Money into Gold and Bitcoin
  • 32 mins GENERAL NORMAN SCHWARZKOPF: The Third Tour
  • 1 hour Biden's Green Energy Policy
  • 2 hours 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
  • 2 days So Is COVID a Media Hoax or Not?
Egypt Looks To Resume LNG Exports As Prices Rise

Egypt Looks To Resume LNG Exports As Prices Rise

Considering that both of Egypt’s…

The 5 Best Utility Stocks In 2021

The 5 Best Utility Stocks In 2021

Energy utilities are great defensive…

Editorial Dept

Editorial Dept

More Info

Premium Content

Is Oil's Rally Already Over?

Last week, I wrote in these pages that I expected a bounce in crude oil. After a dramatic decline since the beginning of the year, WTI futures looked to have finally found a bottom just below $50 and a retracement of some kind looked to be on the cards. Up until yesterday, that looked to be a good call, with the main WTI futures contract, CL, hitting a high just over $54.50 in intraday trading.

Then, as quick as it began, it started to look like the rally had ended.

CL reversed course and dropped back below $53. That has caused me to revisit that call, but there are both technical and fundamental reasons to believe that this is just a normal, temporary retracement and that the upward path will resume soon.

From a technical perspective, anybody who is familiar with the concept of “dojis” won’t be surprised to see oil trading lower this morning. A doji is candlestick on a chart that resembles a cross. It is formed when, after a day of some volatility, the underlying instrument closes at about the same level as it opened. That indicates a battle between buyers and sellers during the day, a battle that in this case, the sellers won.

Dojis are often reversal points following a move, and I suppose that could be the case here, but there are good reasons to believe that isn’t the case.

First, if you look again at the chart and focus on the last week or so, you will see that the move up has not been in a straight line. In…





Leave a comment

Leave a comment




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