• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 22 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 6 mins Putin Paid Militants to Kill US Troops
  • 15 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 23 hours Biden admits he has been tested for Cognitive Decline several times. Didn't show any proof of test results.
  • 1 hour Victor Davis Hansen on Biden's mental acuity " . . unfit to serve". 1 out of 5 Democrats admit it. How many Dem's believe it but will not admit it?
  • 18 hours Apology Accepted!
  • 14 hours Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 1 hour Is OilPrice a cover for Green Propganda
  • 16 mins In a Nutshell...
  • 15 hours The Political Genius of Donald Trump
  • 22 hours Why Oil could hit $100
  • 2 days Biden came out of his basement today (Thursday) and said , "we have 120 Million deaths from Covid 19.
  • 2 days U.S. natural gas at major disadvantage in Europe and China.
  • 20 hours Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link

Breaking News:

Japan Bets Big On Mozambique LNG

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

September Oil Is Walking A Thin Line

Next week, we’ll be celebrating the six-month anniversary of the September Crude Oil bottom at $32.85. This will come in on July 20. This week, we want to take a more detailed look at the trading action in terms of both price and time. 

(Click to enlarge)

Technically, the main trend is up according to the weekly swing chart. At this time, the trend is in no danger of turning down according to the swing chart. However, momentum has been to the downside since the week-ending June 10.

From January 20 to the week-ending July 15, the market has made two major up swings and two major down swings.

The first rally was from January 20 to March 18. This move lasted 41 trading days or 8 weeks. This was followed by a break from March 18 to April 5, or 11 market days or 3 weeks.

The second rally was from April 5 to June 9. This move lasted 46 trading days or 9 weeks. The current downswing started on June 9. At this week’s end it will have been in place for 25 market days or 5 weeks.

This information tells us that the market is in a weak position. The two rallies essentially balanced each other out, with 8 and 9 weeks respectively. I know the chart pattern is supposed to take into consideration all possible factors influencing price, however, we probably would’ve balanced each rally at 8 weeks if not for the Canadian wildfires and the Nigerian terrorist attacks – two extraordinary events.

Crude oil is in a weak…




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