• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 15 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 18 hours Wind droughts
  • 4 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 2 days Oil Prices Fall After Fed Raises Rates
  • 12 days How Far Have We Really Gotten With Alternative Energy
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 10 days "Russian oil executive and Putin critic Ravil Maganov dead after mysterious six-story fall" - The New York Post
  • 2 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 7 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 10 days The Federal Reserve and Money...Aspects which are not widely known
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