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Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

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Oil Markets Brace For A Rebound

World

Crude oil and natural gas futures are sharing a similar pattern this week. Both markets reached their lows early on before sitting in a range the rest of the week. The chart patterns suggests investors are playing the waiting game. Crude traders are waiting for the start of the OPEC-led production cuts on January 1. Natural gas traders are waiting for a possible return of cold weather next week-end. So basically, we’re looking at chart patterns that suggest investor indecision and impending volatility.

Crude Oil

Short-Term Recap         

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading better Friday morning. The markets are attempting to recover from Thursday’s weakness. The early catalyst is increased demand for risky assets. Stocks are following through to the upside after yesterday’s dramatic reversal bottom. This is helping to encourage a few of the weaker crude oil short-sellers to pare positions. Later today, investors will get the opportunity to react to the latest inventories report from the U.S. Energy Information Administration at 1600 GMT. It is expected to show a small draw down.

API Reports Increased Supply

Crude oil futures tumbled late in the session on Thursday after the American…





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