• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 12 hours Oil prices going Up? NO!
  • 3 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 14 mins Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 2 days Could Venezuela become a net oil importer?
  • 3 hours The Tony Seba report
  • 2 days Gazprom Exports to EU Hit Record
  • 1 day Oil prices going down
  • 1 day Could oil demand collapse rapidly? Yup, sure could.
  • 29 mins Kenya Eyes 200+ Oil Wells
  • 2 days Oil Buyers Club
  • 8 hours Saudi Arabia turns to solar
  • 19 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 13 hours Are Electric Vehicles Really Better For The Environment?
  • 1 day Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 2 days Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 2 days EU Leaders Set To Prolong Russia Sanctions Again
Alt Text

Global Energy Consumption Soars To New Heights

The new BP Statistical Review…

Alt Text

Venezuela Won’t Have Enough Oil To Export By 2019

GlobalData recently projected that Venezuela’s…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Volatility Is Back In Oil, What Does It Mean?

Offshore Oil Rig

August Crude Oil futures plunged this week and are in a position to post a nearly 6% loss for the week as investors reacted to a volatile U.S. Dollar, driven by fears of a Britain exit from the European Union. The biggest fear is that a vote to leave the EU will plunge the Euro Zone into a recession, leading to a drop in demand for crude oil.

Besides the fear of a UK exit from the EU, other factors contributed to this week’s rapid decline including a rise in the U.S. rig count and a lower-than-expected drawdown in U.S. crude inventories in spite of peak summer driving demand in the United States.

The lingering production disruptions in Nigeria seemed to take a backseat this week perhaps under the assumption that other countries will make up the shortfall, or the problem would be resolved. Traders also had a muted reaction to the International Energy Agency’s proclamation that the crude oil market is essentially balanced at this time.

 

(Click to enlarge)

Technically, the main trend is up according to the weekly swing chart. However, the current price action suggests a shift in momentum and investor sentiment is taking place. In plain talk, the market is simply pulling back after a nine-week rally.

The short-term range is $38.14 to $52.28. This makes its retracement zone at $45.21 to $43.54 the primary downside target next week. Since the main trend is up, buyers are likely to step in on a test of this zone in an…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News