• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 7 days America should go after China but it should be done in a wise way.
  • 5 hours Even Shell Agrees with Climate Change!
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 3 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

OPEC Lifts Production in February

Editorial Dept

Editorial Dept

More Info

Oil Market Forecast & Review 15th February 2013

After reaching a top at $98.24 on January 30, nearby crude oil futures weakened in what appeared to chart-watchers as the start of a short-term correction into a 50% retracement level at $91.82. Although the move would have been substantial, it wasn’t expected to be a trend-changing event. Instead, it was expected to be a buying opportunity for those who considered prices to be a bit too lofty at current levels.

Outside factors were contributing to the weakness. For one, the EUR/USD had topped at 1.3711 on February 1 and many thought that this was a sign that demand for higher-yielding assets was a little too strong for current economic conditions. The sell-off in the Euro gave some long crude oil traders a reason to pare their positions; however, the strength in the equity markets most likely prevented an even harder decline.

The Commitment of Traders report which shows the current open futures positions also showed a shift. According to the latest report on February 5, short commercial positions increased. This was a sign that prices had reached a level that was attractive to hedgers.

The combination of a weaker Euro and a growing short commercial position most likely triggered the start of the eight-day break from $98.24 to $94.97.


Click to enlarge.

On February 11, short-traders were caught by surprise when OPEC raised forecasts for the amount of crude oil it will need to supply this year because of stronger fuel demand in emerging…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News