3 hoursBiden Says Americans To Suffer High Gasoline Prices For “As Long as it Takes”
4 hoursFederal Offshore Oil And Gas Auctions Could Be Limited To Gulf Of Mexico
6 hoursUniper In Bailout Talks With German Government As Russia Cuts Gas Supply
6 hoursUK Ready To Pay Companies To Cut Electricity Consumption
8 hoursEnvironmentalists Speak Out As Armenia Restarts Controversial Gold Mine
9 hoursCan Putin Convince Tajikistan To Join The Moscow-Led Eurasia Economic Union?
9 hoursEurope’s Power Prices Surge As Market Fears Worsening Supply Crunch
10 hoursSuriname Prepares Major Oil Block Offering
10 hoursGazprom Not To Pay Dividend For 2021
11 hoursSaudi Arabia May Raise Oil Prices For Asia Further
12 hoursGermany’s Diesel Situation Just Got Worse
1 dayOil Likely To Hit $200: SEB Group
1 dayU.S. Could Release Even more Oil From Strategic Stockpiles
1 dayRussia’s Oil Production Jumps By 5% In June
1 dayGermany’s Energy Crisis Could Worsen Amid Low Wind Power Output
1 dayIndia Sets Sights On Deepwater Basin In Oil Exploration Push
1 dayShell Warns Of Prelude LNG Disruptions
1 dayUK Could Cut Gas Links To Europe If Severe Shortages Occur
2 daysNorway Averts Oil Strike
2 daysOil Rises Further As API Reports Large Crude Draw
2 daysIEA: Europe Will Have To Cut Gas Usage By Nearly One-Third
2 daysU.S. Energy Employment Rises Despite Loss In Fossil Fuel Jobs
2 daysTensions Are Rising Ahead Of Xi-Biden Meeting
2 daysChinese Stocks Are On The Rise Following Unexpected Covid Shift
2 daysIran Looks To Join BRICS Group Of Russia And China
2 daysCanada May Expand Energy Infrastructure To Help Europe
2 daysU.S. Moves To Improve Relations With Oil-Rich Venezuela
2 daysIndia's Coal Crisis Is Far From Over
2 daysG7 Invites Oil Importers To Consider Price Cap On Russian Oil
2 daysFrance Says The Market Needs Iranian And Venezuelan Oil
3 daysCritical EIA Oil Inventory Data Sees Further Delays
3 daysRussia Looks To Lure Asian Buyers With Higher Quality Crude
3 daysThe Steel Market Is In Chaos As Demand Uncertainty Grows
3 daysA Bidding War Has Begun In The UK’s Struggling Energy Sector
3 daysOPEC+ Sees Oil Market Surplus Shrinking To 1 Million Bpd
3 daysLibya May Declare Force Majeure On Oil Exports From Several Ports
3 daysGermany, Italy Voice Support For More Fossil Fuel Investments Abroad
3 daysFrench Energy Companies Ask Customers To Use Less Gas
3 daysEcuador Could Completely Stop Pumping Oil Within 48 Hours
6 daysNew Regulations In Permian Could Deter Drilling
4 minutesThe Federal Reserve and Money...Aspects which are not widely known
8 minutesHow Far Have We Really Gotten With Alternative Energy
12 minutes What Russia has reached over three months diplomatic and military pressure on West ?
17 minsGREEN NEW DEAL = BLIZZARD OF LIES
4 daysEuropean Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
6 daysCoincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
3 days"How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
2 daysOil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
6 days"...too many politicians believe things that aren’t true." says Robert Rapier
7 daysDemonising fossil fuels has caused major grid problem in Australia
7 daysWelcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading higher on Friday on increased expectations of a production cut by OPEC and other major producers known as OPEC+.
The markets are following through to the upside following record gains on Thursday after U.S. President Donald Trump said he had brokered a deal that could result in Russia and Saudi Arabia cutting output by 10 million to 15 million barrels per day (bpd), representing 10-15% of global supply. Trump also said he made no offer to cut U.S. output.
According to Reuters, the source added that OPEC+ is watching the outcome of a meeting between Trump and the oil companies later on Friday and that a final figure on cuts depends on participation by all oil producers.
Saudi’s Call for Emergency Meeting
Saudi Arabia called on Thursday for an emergency meeting of OPEC and non-OPEC oil producers, saying it aimed to reach a fair agreement to stabilize oil markets.
Members Support Meeting Suggestion
Kuwait’s oil minister Khaled al-Fadhel said on Friday he supported Saudi Arabia’s invitation for a meeting between OPEC and non-OPEC oil producers.
The energy ministry of non-OPEC producer Azerbaijan, meanwhile, said the OPEC+ meeting is planned for April 6 and will be held as a video conference, Russia’s RIA news agency reported.
Many Unanswered Questions
Traders are probably asking what a 10 to 15 million barrel…
U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading higher on Friday on increased expectations of a production cut by OPEC and other major producers known as OPEC+.
The markets are following through to the upside following record gains on Thursday after U.S. President Donald Trump said he had brokered a deal that could result in Russia and Saudi Arabia cutting output by 10 million to 15 million barrels per day (bpd), representing 10-15% of global supply. Trump also said he made no offer to cut U.S. output.
According to Reuters, the source added that OPEC+ is watching the outcome of a meeting between Trump and the oil companies later on Friday and that a final figure on cuts depends on participation by all oil producers.
Saudi’s Call for Emergency Meeting
Saudi Arabia called on Thursday for an emergency meeting of OPEC and non-OPEC oil producers, saying it aimed to reach a fair agreement to stabilize oil markets.
Members Support Meeting Suggestion
Kuwait’s oil minister Khaled al-Fadhel said on Friday he supported Saudi Arabia’s invitation for a meeting between OPEC and non-OPEC oil producers.
The energy ministry of non-OPEC producer Azerbaijan, meanwhile, said the OPEC+ meeting is planned for April 6 and will be held as a video conference, Russia’s RIA news agency reported.
Many Unanswered Questions
Traders are probably asking what a 10 to 15 million barrel per day production cut would do to oil prices. The June Brent daily chart indicates a minimum rally to $41.00 and a maximum move to $45.38. May WTI crude oil could reach $36.70 and maybe $41.29.
Traders are also asking if the U.S. will be involved in the production cuts. There are three possible outcomes of the meeting. Firstly, OPEC+ including Russia, and the United States can agree to production cuts. Secondly, OPE+ including Russia agree to cuts, but the U.S. refrains from making an agreement, or thirdly, the talks could conclude with no deal.
Technical Analysis
Weekly May WTI Crude Oil Technical Analysis
Weekly Trend Analysis
The main trend is down according to the weekly swing chart. However, momentum may be getting ready to shift to the upside with the formation of a potentially bullish weekly closing price reversal bottom. To the lay person, that is a lower-low and higher close on the weekly chart.
The chart pattern will not signal a change in the trend, but if confirmed, it could lead to a 2 to 3 week counter-trend rally equal to at least 50% of the last break.
A trade through $19.27 will signal a resumption of the downtrend. The main trend will change to up on a trade through $54.82. Given the current fundamentals and the average weekly range, this is highly unlikely at this time.
The short-term range is $54.82 to $19.27. If the closing price reversal bottom is confirmed then look for a potential rally into the first 50% level at $37.05.
The main range is $64.39 to $19.27. Its retracement zone at $41.83 to $47.15 is another upside target zone. We’re not likely to see a test of this zone unless the demand destruction ends.
Weekly Technical Forecast
Based on this week’s price action, the direction of the May WTI crude oil market the week-ending April 10 is likely to be determined by trader reaction to the downtrending Gann angle at $26.82.
Bullish Scenario
Taking out and sustaining a rally over the downtrending Gann angle at $26.82 will indicate the presence of buyers. If this move is able to create enough upside momentum then look for the rally to extend into the bottom of the gap at $36.70 and the first 50% level at $37.05.
Bearish Scenario
The inability to follow-through to the upside next week, following this week’s closing price reversal bottom will be a sign of weakness. A failure to overcome the downtrending Gann angle at $26.82 will signal the presence of sellers.
If this creates enough downside momentum then look for a break into a minor pivot at $23.92. If this fails then look for the selling to extend into the closing price reversal bottom at $19.27.
Taking out $19.27 will negate the chart pattern and signal a resumption of the downtrend. This could trigger an acceleration to the downside with $15.00 the psychological downside target.
Conclusion
The major issue here is with demand. Reducing supply will certainly help prices, but probably not enough to fill the price gaps from early March.
Weak shorts are covering their positions, but there isn’t any strong evidence of traders flipping to the long side.
We’re likely to see the short-covering rally continue until the markets absorb the size of the production cuts. However, if the cuts come in below 10 million or if they are done piecemeal rather than all at once, then traders will have a less-bullish reaction to the news.
Furthermore, concerns over demand destruction are outweighing supply worries so short-sellers are likely to cap the rally. Demand worries will start to dampen once the global new coronavirus case curve begins to flatten.
To access this exclusive content...
Select your membership level below
COMMUNITY MEMBERSHIP
(FREE)
Full access to the largest energy community on the web
I thing they will most probably take the busllish option of wti price because if you look next American election is coming and Donald Trump have to do all possible solution to save job of people and industry. Russia and Arabi soudia need money to save they economy and make face to this covid 19 .
That my opinions.
That my opinions.