• 4 minutes End of Sanction Waivers
  • 8 minutes Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 14 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 1 hour New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2
  • 5 hours Permafrost Melting Will Cost Us $70 Trillion
  • 53 mins Nothing Better than Li-Ion on the Horizon
  • 5 hours Russia To Start Deliveries Of S-400 To Turkey In July
  • 4 hours Occidental Offers To Buy Anadarko In $57 Billion Deal, Topping Chevron
  • 2 hours UNCONFIRMED : US airstrikes target 32 oil tankers near Syria’s Deir al-Zor
  • 5 hours Facebook Analysts Expect Earnings Will Reinforce Rebound
  • 21 hours Countries with the most oil and where they're selling it
  • 51 mins How many drilling sites are left in the Permian?
  • 9 hours ..
  • 22 hours Section 232 Uranium
  • 24 hours Deep Analysis: How China Is Replacing America As Asia’s Military Titan
  • 14 hours Iran Sabre Rattles Over the Straights of Hormuz
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

What Does It Take To Move Oil Prices?

Oil Rig

It’s been “chop city” this week on the daily April West Texas Intermediate crude oil chart, but the weekly chart continues to look orderly. There also continues to be a clash between the fundamental traders. Although recent government and exchange data shows a record number of long positions being held by hedge and commodity funds, the price action seems to be suggesting that an equal number of traders are bullish and bearish.

Despite crude oil and gasoline stockpiles sitting at near record highs and U.S. production seemingly increasing weekly, the funds continue to bet on the long side, or that the OPEC or non-OPEC member deal to curtail production, trim the global supply and stabilize prices will win over the long run.

Even the news this week about increased U.S. exports failed to draw enough sellers to drive prices back to their recent lows. The new export numbers this week clearly indicate that U.S. producers are filling the void in the Asian markets left by the OPEC countries complying with their pledge to the cut output. On the surface, this seems to indicate that the OPEC plan is having little or no effect on global supply, however, prices still remain near the top of the trading range.

While the weekly chart pattern, indicates the April WTI market is at a standstill, looking beyond the prices, it also indicates impending volatility. In other words, this market can’t continue to straddle a key retracement zone much longer because…




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