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Crude Oil Forecast: Head and Shoulders Calls for Lower Prices

Posted on May 30, 2017 by Dean Rogers in Oil Price Forecast

WTI crude oil fell sharply last Thursday after OPEC and other major producers announced an extension to production cuts through March 2018. This was expected by most, and according to media, the decline was due to disappointment that production cuts were not deeper, which many had hoped for. U.S. shale production remains a concern, though … Continue reading Crude Oil Forecast: Head and Shoulders Calls for Lower Prices

Crude Oil Forecast: Corrective Move Up Stalls

Posted on May 16, 2017 by Dean Rogers in Oil Price Forecast

Last Wednesday, June WTI broke higher out of the intraday bullish flag discussed in the crude oil forecast. The subsequent move up overcame the 0.618 and 1.00 projections of the wave $43.76 – 46.98 – 45.53. However, June stalled at $49.66 before meeting key resistance at $50.1. This is the confluence point between the 1.382 … Continue reading Crude Oil Forecast: Corrective Move Up Stalls

Crude Oil Forecast: WTI’s Corrective Decline Poised to Extend

Posted on April 18, 2017 by Dean Rogers in Oil Price Forecast

On Tuesday, crude oil prices continued to slip lower. Technical factors indicate June WTI’s corrective decline from $54.14 is poised to extend to at least $52.2. This is the 1.618 projection of the wave $54.14 – 53.14 – 53.8 and the 50-day moving average. A close below $52.2 would call for key near-term support at … Continue reading Crude Oil Forecast: WTI’s Corrective Decline Poised to Extend

Natural Gas Forecast: Prices Grind Lower After Gaping Down

Posted on December 14, 2016 by Dean Rogers in Natural Gas Price Forecast

As of December 9, natural gas had risen for the fourth straight week to the highest level in two years. Reports indicate the surge was due to colder than average temperatures in recent weeks. However, on December 12, January natural gas gapped down after the move up stalled at $3.777. The gap may be an … Continue reading Natural Gas Forecast: Prices Grind Lower After Gaping Down

Crude Oil Forecast: WTI Setup for Correction

Posted on December 05, 2016 by Dean Rogers in Oil Price Forecast

Crude Oil rose substantially last week after OPEC agreed to cut output by 1.2 million barrels per day. The week posted the largest percentage gain since 2009 and many market participants reportedly expect the move up to continue. However, others remain skeptical that OPEC members will comply with production quotas. Members have been known to … Continue reading Crude Oil Forecast: WTI Setup for Correction

Natural Gas Forecast: December Settles Above $3.00

Posted on November 23, 2016 by Dean Rogers in Natural Gas Price Forecast

Natural gas’s recovery from recent lows is reportedly due to forecasts for cooler temperatures that could bring more demand in coming weeks. In addition, prices were bolstered on Wednesday due to a surprise two Bcf withdrawal reported in the EIA Natural Gas Storage Report. However, some analysts have cited record storage levels could still ultimately … Continue reading Natural Gas Forecast: December Settles Above $3.00

Crude Oil Forecast: WTI Positioned to Challenge $49.1

Posted on November 21, 2016 by Dean Rogers in Oil Price Forecast

The rise in crude oil prices last week was reportedly due to increased hopes that major producers will reach an agreement to cut production. However, others’ skepticism about such a cut, the surging U.S. dollar, and a surprisingly large increase in U.S. oil supplies are said to have kept a lid on the move up … Continue reading Crude Oil Forecast: WTI Positioned to Challenge $49.1