• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days China's aggression is changing the nature of sovereignty.
  • 4 days Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 2 days Ukrainian Maidan after 8 years
  • 3 days OPEC+ Expects Large Oil Glut In Early 2022
  • 2 days Delta variant in European Union
  • 2 days Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 13 hours Communist China Declared War on the US Long Ago Part 1 of the 2-part series: The CCP's War on America
  • 3 days Forecasts for Natural Gas
  • 3 days Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 4 hours President Biden’s Nuclear Option Against OPEC+ - Waste of Time
  • 17 hours Сryptocurrency predictions
  • 3 days NordStream2
  • 3 days CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 4 days Big Bounce: Russian gas amid market tightness - new report by Oxford Institute for Energy Studies
Editorial Dept

Editorial Dept

More Info

Oil Market Forecast & Review 14th February 2014

March Crude Oil futures closed over $100.00 per barrel this week without much fanfare. The rally took out the previous top from December 2013 at $100.79, but fell short of the October 2013 top at $101.81. The failure to breakout to the upside suggests the move through the previous top was generated by buy stops.  

The lack of fresh buying on the breakout is understandable since crude oil took a long time to reach this breakout level as well as traveling a great distance from $91.47. Frankly, while traders have to respect the move and its potential impact on prices, speculators do not seem too interested in buying strength unless there is some fundamental reason to chase the market higher.

At this time, there doesn’t appear to be a major fundamental reason to continue the rally. However, unless traders wake up next week and see that the bids are gone and that sellers are stepping in, the market may not break either.

Technically, the market is moving higher at a pace of $2.00 per week from the $91.47 bottom. In order to maintain this pace, the market must reach $103.47. If it doesn’t trade this level then this would be a sign that upside momentum is slowing. This would be the first sign that buyers are beginning to back away.

The weekly chart indicates there is plenty of room to the downside since the nearest uptrending support angle is at $97.47 this week. A pull-back into this angle while representing nearly a $3.00 sell-off,…




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