• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Starvation, horror in Venezuela
  • 28 mins WTI @ 67.50, charts show $62.50 next
  • 7 hours Mike Shellman's musings on "Cartoon of the Week"
  • 3 hours Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 1 min Venezuela set to raise gasoline prices to international levels.
  • 4 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 6 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 7 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 5 hours Corporations Are Buying More Renewables Than Ever
  • 3 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 21 hours Oil prices---Tug of War: Sanctions vs. Trade War
  • 21 hours California Solar Mandate Based on False Facts
  • 10 hours Again Google: Brazil May Probe Google Over Its Cell Phone System
  • 10 hours Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Oil Market Forecast & Review January 2013

After several days of consolidation, nearby crude oil futures soared, setting up the market for further upside action. The positive reaction is being attributed to bullish comments from European Central Bank President Mario Draghi and greater demand for higher risk assets. Draghi’s comments and a better-than-expected Spanish Bond auction may have helped fuel the breakout rally, but it has been the positive outlook for an improving U.S. economy that has underpinned the crude oil market for several weeks.

Another sign supporting higher prices or at least helping to establish a solid support base is the news that money managers increased net-long positions by 11 percent in the week ended January 1.  According to the Commodity Futures Trading Commission’s Commitments of Traders report dated January 4, this increase represented the highest level since October 16.

In addition to the CFTC, according to data from the ICE Futures Europe exchange, money managers in London increased their net long positions to their highest level in nine months.

Conventional chart pattern analysis has determined that the daily nearby crude oil futures contract is currently testing a major retracement zone. Although the main trend is up due to the series of higher-tops and higher-bottoms, the market is nearing a previous top at $94.99 and the Fibonacci price level at $95.54. Although momentum is currently driving the market higher, tests of both of these levels…

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