• 4 minutes Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 8 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 11 minutes Why Trump Is Right to Re-Open the Economy
  • 13 minutes Its going to be an oil bloodbath
  • 21 mins Ten days ago Trump sent New York Hydroxychloroquine. Being administered to infected. Covid deaths dropped last few days. Fewer on ventilators. Hydroxychloroquine "Cause and Effect" ?
  • 5 mins US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 24 mins Russia's Rosneft Oil is screwed if they have to shut down production as a result of glut.
  • 13 hours Mr
  • 22 hours While China was covering up Covid-19 it went on an international buying spree for ventilators and masks. From Jan 7th until the end of February China bought 2.2 Billion masks !
  • 1 hour ‘If it saves a life’: Power cut to 1.5 million Californians
  • 10 hours Free market or Freeloading off the work of others?
  • 1 day How to Create a Pandemic
  • 24 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 11 hours Marine based energy generation
  • 17 hours Which producers will shut in first?
  • 10 hours China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind

Breaking News:

WTI Slides On Huge Crude Inventory Build

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Oil Market Forecast & Review 31st May 2013

There wasn’t much movement in July Crude Oil this past week. The market basically retraced about 75% of the previous week’s range before selling off early in the session on Thursday.

The market is still trading inside of a major triangle chart pattern and could remain inside this triangle for several more weeks. The support and resistance lines of the triangle chart pattern extend well beyond July, suggesting a possible range bound trade until the end of the year.


Click to enlarge.

Currently, the triangle resistance is at $97.26. This is followed by a series of three lower-tops at $97.38, $98.22 and $99.77. On the downside, the triangle support line is at $86.90 this week, followed by the April 18 bottom at $86.16.

The short-term range is $86.16 to $97.38. This range has created a key retracement zone at $91.77 to $90.45. Late in the week, the market tested the 50% level at $91.77. The move drew the attention of profit-takers and bottom-pickers, triggering an intraday short-covering rally.

If the market can build a support base over $91.77 then it may generate enough buying interest to mount a challenge of the series of resistance points. A failure to hold $91.77, however, means an eventual test of the Fibonacci level at $90.45.

Concerns that the Fed was considering tapering its aggressive bond-purchases at its next several meetings, helped drive up the U.S. Dollar recently, making dollar-priced crude oil more expensive…




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