• 7 minutes Get First Access To The Oilprice App!
  • 11 minutes Japanese Refiners Load First Iran Oil Cargo Since U.S. Sanctions
  • 13 minutes Oil prices forecast
  • 17 minutes Renewables in US Set for Fast Growth
  • 17 hours Socialists want to exorcise the O&G demon by 2030
  • 2 hours Russian Message: Oil Price War With U.S. Would Be Too Costly
  • 20 hours Chinese FDI in U.S. Drops 90%: America's Clueless Tech Entrepreneurs
  • 23 hours Good Marriage And Bad Divorce: Germany's Merkel Wants Britain and EU To Divorce On Good Terms
  • 13 hours Oil CEOs See Market Rebalancing as Outlook Blurred by China Risk
  • 2 days Duterte's New Madness: Philippine Senators Oppose President's Push To Lower Criminal Age To 9
  • 3 hours Cheermongering about O&G in 2019
  • 4 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 2 days North Sea Rocks Could Store Months Of Renewable Energy
  • 17 hours WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
  • 19 mins UK, Stay in EU, Says Tusk
  • 2 days Oceans "Under Fire" Of Plastic Trash
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Oil Market Forecast & Review 6th September 2013

October Crude Oil futures traded slightly lower on Thursday because of a stronger dollar, but bearish traders were unable to break the market because of concerns over an impending invasion of Syria by the U.S.

Friendly ADP private sector jobs data along with better than expected weekly jobless claims helped drive interest rates higher, making the U.S. Dollar a more attractive investment.

Crude oil prices fell since the market is dollar-denominated. Later in the session, a stronger than expected ISM Services PMI report sent the dollar even higher, but crude oil traders did not sell. This was further proof that investors were more concerned over a military intervention against Syria’s government rather than supply/demand issues at this time.

Although the market remained lower for the session, investors continue to push the market away from the low of the day shortly after the government announced a decline in crude oil supplies last week. According to the Energy Department’s Energy Information Administration, crude oil supplies dropped by 1.8 million barrels to 360.2 million barrels.

Although this number was above year-ago levels, speculators supported the market because of the possibility of military action against Syria late next week.

Technically, the market is bumping up against a major retracement zone at $108.23 to $109.27. This graphically represents a balanced market. A sustained move above this zone will mean speculators…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin



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