• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 12 hours Fukushima
  • 2 days America's pandemic dead deserve accountability after Birx disclosure
  • 17 hours Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 1 day CO2 Mitigation on Earth and Magnesium Civilization on Mars – Just Add Water
  • 2 hours U.S. Presidential Elections Status - Electoral Votes
  • 7 hours Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 10 hours Biden about to face first real test. Russia building up military on Ukraine border.
  • 13 hours Joe Biden's Presidency
  • 1 day New Chinese Coal Plants Equal All those in U.S.A
  • 4 days Does .001 of Atmosphere Control Earth's Climate?!
  • 3 days Oh the Dems!!! They cheer for helping people while stabbing them in the back!!! Enbridge asks Canadian government to support oil pipeline in dispute with Michigan
  • 3 days The coming Cyber Attack
  • 5 days NG spot prices hit triple digits for weekend delivery
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Oil Market Forecast & Review 2nd August 2013

A combination of events helped drive September crude oil futures higher this week, setting up a potential resumption of the uptrend which came to a halt two-weeks ago. Supply issues as well as a weaker U.S. Dollar helped drive crude oil prices higher from a June low at $92.60 to the July high at $108.93. Concerns about supply were raised again this week, triggering a massive turnaround and creating the momentum needed to perhaps test $108.93 over the very short-term.

With the easing of tensions in Egypt and talk of the Fed reducing its monetary stimulus as early as September, crude oil prices dropped from $108.93 on July 19 to a July 30 low at $102.67. The technical picture remained bullish however since the chart indicated the potential for a normal retracement back to $100.77 to $98.84. Buyers instead stepped in on an uptrending Gann angle at $102.60 to turn the market back up.

This week, the uptrending Gann angle moves to $104.60. A failure near the top at $108.93 and a subsequent break under this angle will signal the end of the rally and possibly lower prices. Otherwise the market will remain bullish with the angle guiding the market higher along with increasing upside momentum.

Fundamentally, supply issues continue to remain the main driver of higher prices. Traders seem to be immune to the possibility the Fed will begin reducing its $85 billion per month stimulus program by as much as $20 billion per month as early as September.

This…




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