• 3 minutes Electric cars may make driving too expensive for middle classes, warns Vauxhall chief
  • 6 minutes Natural gas mobility for heavy duty trucks
  • 12 minutes Colonial pipeline hack
  • 9 mins U.S. Presidential Elections Status - Electoral Votes
  • 16 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 mins Texas Power Outage Danger Until June 18th. Texans told to conserve energy!
  • 2 days Will Liquid Metal Batteries Become the Standard for Large Batteries?
  • 1 day Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 3 days Federal Judge Says Biden Probably Wrong for Halting Drilling on Federal Land
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Oil Market Forecast & Review 21st June 2013

August crude oil continued its sharp rally which began two weeks ago when the market successfully held a major pivot zone at $94.32 to $93.13. The upside momentum generated by the move triggered a strong rally, boosted by a breakout through the downtrending resistance line of a triangle chart pattern.


Click to enlarge.

After taking out a pair of tops at $97.46 and $97.94, the market continued higher until it met selling pressure, slightly below the high for the year at $99.98.

The initial phase of the rally was fueled by speculators betting on an escalation of the conflict between the Syrian government and the rebels. Bullish traders were taking long positions in anticipation of a possible disruption in supply. The potential for increased turmoil in the region is likely to underpin the market, but unless something more dramatic occurs, the market may just settle into a range.

On Wednesday, June 19, the U.S. Federal Reserve announced in its policy statement that it was going to continue to fund its $85 billion per month bond-buying stimulus program. This would’ve have been supportive, however, in his news conference, Fed Chairman Ben Bernanke added that the central bank could begin tapering the buying if economic conditions improve enough to warrant such a change.

This comment triggered a sharp rise in U.S. interest rates, driving up demand for the U.S. Dollar. Since crude oil is priced in dollars, speculators sold it as they anticipate…




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