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Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

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Natural Gas Plunges As Oil Prices Consolidate

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It was a pretty uneventful week in the crude oil market with prices consolidating as investors continued to digest the previous week’s decision by an OPEC-led group of producers to trim output starting in January. The most action in the energy complex was in the natural gas market where sellers took control amid uncertainties and inconsistencies in the medium-term weather forecasts.

Crude Oil

Refineries processed 50.46 million tonnes of crude oil last month, or 12.28 million bpd, up 2.9 percent from the same month last year, the National Bureau of Statistics reported. That figure is down from October and from the record of 12.49 million bpd reported in September. Finally, for the first 11 months of the year, refinery output gained 7.2 percent to 554.48 million tonnes, or 12.12 million bpd, on track for an annual record.

Underpinning the markets was optimism over the OPEC-led strategy to trim production by 1.2 million barrels starting on January 1. Traders are hoping the move alleviates the oversupply situation and stabilizes prices.

Crude Oil Technical Analysis

(Click to enlarge)

The main trend is down according to the daily swing chart. However, momentum has shifted slightly to the upside following the closing price reversal…





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EXXON Mobil -0.35
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