Crude Oil Forecast: WTI Forms Intra-Day Bullish Flag
The long-term outlook for WTI crude oil remains negative and it is too soon to state that a bottom has been made. However, last Friday, June WTI met major support at $43.76, the 1.00 projection of the wave $57.95 – 47.58 – 54.14 (exact projection was $43.77). This was also in the realm of the … Continue reading Crude Oil Forecast: WTI Forms Intra-Day Bullish Flag
Crude Oil Forecast: WTI’s Corrective Decline Poised to Extend
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
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: Major Resistance at $54.5
Early Monday, crude oil prices were bolstered again after an announcement made by non-OPEC producers to cut 558,000 barrels per day. This comes after a commitment by OPEC to cut 1.2 million barrels per day. Reports indicate that such cuts will help to rebalance supply and demand by the first half of 2017. However, many … Continue reading Crude Oil Forecast: Major Resistance at $54.5
Crude Oil Forecast: WTI Setup for Correction
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
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
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
Crude Oil Forecast: WTI Forms Bullish Hammer
Crude oil prices continue to decline. Reports indicate the primary culprit is waning expectations for a meaningful OPEC output cut. In addition, some see record level production from countries like Russia and Canada as an equalizer to any cuts that may be made. There is also added uncertainty as US president-elect Donald Trump has pledged … Continue reading Crude Oil Forecast: WTI Forms Bullish Hammer
Natural Gas Forecast: December Holds 200-Day Moving Average
Natural gas has fallen hard ahead of November’s expiration. Speculation that natural gas storage could reach record levels ahead of winter and warmer than normal weather forecasts for the next few weeks are reportedly reasons for falling prices. Prompt month November futures fell to $2.627 on Wednesday where the 62 percent retracement of the move … Continue reading Natural Gas Forecast: December Holds 200-Day Moving Average
Crude Oil Forecast: WTI Unable to Confirm Double Top
Traders are reportedly waiting for more information regarding the tentative OPEC deal to cut crude oil production before making up their minds about whether to be bullish. Some pundits say that until the deal is confirmed next month, crude oil prices may continue to soften. A stronger U.S. dollar also reportedly weighed on crude oil … Continue reading Crude Oil Forecast: WTI Unable to Confirm Double Top
