• 5 minutes USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 10 minutes Venezuela continues to sink in misery
  • 13 minutes U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 16 minutes IEA Sees Global Oil Supply Tightening More Quickly In 2019
  • 3 mins Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 2 hours Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 17 hours OPEC Cuts Deep to Save Cartel
  • 8 hours $867 billion farm bill passed
  • 5 hours Has Global Peak Diesel Arrived?
  • 14 hours Sleeping Hydrocarbon Giant
  • 10 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 16 hours What will the future hold for nations dependent on high oil prices.
  • 16 hours Air-to-Fuels Energy and Cost Calculation
  • 18 hours And the War on LNG is Now On
  • 14 hours Could Tesla Buy GM?
  • 16 hours Global Economy-Bad Days Are coming
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

WTI Trending Up Despite Pullback

Trading Screen

U.S. West Texas Intermediate crude oil futures spiked to their highest level since late 2014 early this week before backing away on profit-taking. The long-term fundamentals are painting a bullish picture of the market, but concerns over short-term valuations may be encouraging speculators to book profits while they position themselves ahead of further confirmation of the bullish outlook.

The week started with some light speculative buying on Monday. Some of the buying was tied to the upside technical momentum related to the previous week’s strong surge. Some of it to speculation that last weekend’s U.S.-led bombing of Syria would lead to a further escalation of U.S. involvement in the area or a possible conflict with Russia.

Prices sold off sharply on Monday as the military activity in Syria turned out to be a one-time event. The fact that there wasn’t any retaliation from Syrian allies Russia and Iraq also contributed to the weakness.

After a slight follow-through to the downside on Tuesday, crude oil prices mounted a stronger rebound following the release of a bullish inventories report from the American Petroleum Institute.

WTI crude oil recovered all of its earlier loss for the week and spiked even higher on Wednesday, hitting its highest level since late 2014 after a U.S. government report showed U.S. crude stockpiles declined last week and as traders continued to price in the possibility of supply disruptions in several key…

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