• 8 minutes U.S. Shale Oil Debt: Deep the Denial
  • 13 minutes WTI @ $75.75, headed for $64 - 67
  • 16 minutes Trump vs. MbS
  • 3 hours Despite pressure about Khashoggi's Murder: Saudi Arabia Reassures On Oil Supply, Says Will Meet Demand
  • 46 mins Dyson Will Build Its Electric Cars in Singapore
  • 35 mins China Opens Longest Mega-Bridge Linking Hong Kong to Mainland
  • 13 hours Knoema: Crude Oil Price Forecast: 2018, 2019 and Long Term to 2030
  • 17 hours Iraq war and Possible Lies
  • 3 hours Satellite Moons to Replace Streetlamps?!
  • 3 hours Can “Renewables” Dent the World’s need for Electricity?
  • 16 mins The Balkans Are Coming Apart at the Seams Again
  • 13 hours Get on Those Bicycles to Save the World
  • 14 hours EU to Splash Billions on Battery Factories
  • 1 hour How Long Until We Have Working Nuclear Fusion Reactor?
  • 8 hours Merkel Aims To Ward Off Diesel Car Ban In Germany
  • 2 mins These are the world’s most competitive economies: US No. 1
Alt Text

Goldman Sachs: This Is The Next Big Risk For Oil

Goldman Sachs commodities expert Jeffrey…

Alt Text

Oil Experts Divided As Iran Sanctions Loom

The world’s top oil trading…

Alt Text

Oil Prices Subdued, But For How Long?

Oil prices may have closed…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Saudi And US Production Up As Market Volatility Continues

Crude Oil Outlook

April Crude Oil futures failed to follow-through to the upside this week and are likely to finish the week lower. Although the market briefly penetrated last week’s high, it remained inside the range formed the week-ending February 6. Consecutive inside moves on the weekly chart typically indicates impending volatility. This assessment makes $55.05 the potential breakout level to the upside and $47.47 the potential breakdown level. Remaining inside this range will indicate trader indecision.

Crude oil is currently being controlled by two factors, the fund traders and supply. Aggressive hedge and commodity funds are looking for any excuse to trigger a breakout to the upside, but the bearish supply fundamentals continue to prevent this move from taking place.

The fund traders probably want out of their short-positions because they see the upside potential of a solid short-covering rally. It is difficult to assess the downside potential of the market because the target numbers being tossed around at this time like $25.00 or $10.00 crude oil don’t seem to be realistic. They may be more comfortable with the “known” rather than the “unknown”.

Looking at the daily chart, the “known” objective is the 50% level at $61.06. Although the market recently stopped breaking at $44.37, the next potential support level is basically “unknown” since traders aren’t sure if it will come in…

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