Crude Oil Forecast: WTI’s Decline Corrective – Support Expected to Hold
Reports indicate traders and investors have been focused on the return of crude oil from recent worldwide supply disruptions, primarily in Canada and Nigeria, in addition to swelling output from Iran. The rising U.S. dollar has also put bearish pressure on prices after the Fed’s latest policy meeting notes suggested a June rate hike possible. … Continue reading Crude Oil Forecast: WTI’s Decline Corrective – Support Expected to Hold
Crude Oil Forecast: June WTI Poised for Decline to at Least $42.5
Supply disruptions due to wildfires in Alberta and militant attacks in Nigeria were reportedly offsetting rising stockpiles of crude oil and surging OPEC output. However, those factors seem to be easing, and may not have as much of an impact on supply as originally indicated. U.S. crude inventories reached their highest level since 1929, but … Continue reading Crude Oil Forecast: June WTI Poised for Decline to at Least $42.5
Natural Gas Forecast: June Rises Toward Key Resistance at $2.195
Natural gas continues to send mixed signals on a day-to-day basis. However, that is pretty typical for this time of year during the shoulder months ahead of summer. Natural gas is trying to gauge the prospects of a recovery or a continued decline over the course of the longer-term, but it needs to gather more … Continue reading Natural Gas Forecast: June Rises Toward Key Resistance at $2.195
Crude Oil Forecast: June WTI Challenges Support at $44.5
The crude oil price surge over the last few weeks was reportedly due to slipping U.S. production, a weaker U.S. dollar, and several production outages. However, some pundits are growing concerned that swelling OPEC output could keep the market oversupplied and turn prices lower. The move up stalled near a highly confluent $46.0 target late … Continue reading Crude Oil Forecast: June WTI Challenges Support at $44.5
Natural Gas Forecast: June Challenges Support at $2.13
After breaking higher out of the recent trading range between nominally $1.96 and $2.13, June natural gas stalled at $2.304. This was just below important resistance at $2.33, which connects to $2.43. Monday’s bearish engulfing line and confirmed divergence (purple down arrow on KaseX) called for a test of $2.13. This was strong resistance between … Continue reading Natural Gas Forecast: June Challenges Support at $2.13
Crude Oil Forecast: June WTI Confirms Double Top, Decline Likely Corrective
Late last week, June WTI crude oil challenged key resistance at $44.5. This is a confluence point, and most importantly, the 1.618 projection of Wave I (not shown), $30.79 – 38.52 – 32.1. A close over $44.5 will open the way for the next leg higher, which could push WTI crude oil prices into the … Continue reading Crude Oil Forecast: June WTI Confirms Double Top, Decline Likely Corrective
Natural Gas Forecast: May Stalls at Key Resistance
Forecasts for warmer than normal temperatures next week in the Midwest and mid-Atlantic spurred natural gas higher on Tuesday. For several weeks the May natural gas contract oscillated in a range between approximately $1.86 and $2.04. The range was finally broken when prices settled above $2.04. That said, the move up may have been too … Continue reading Natural Gas Forecast: May Stalls at Key Resistance
Crude Oil Forecast: WTI Fills Gap, Positioned to Grind Lower
The failure to reach an agreement to freeze crude oil output levels for key producers caused prices to slide in early trading Monday. June WTI gapped down from Friday’s $41.19 low and met crucial support at $39.0. However, the labor strike in Kuwait, which has decreased the nation’s output by nearly 60 percent for the … Continue reading Crude Oil Forecast: WTI Fills Gap, Positioned to Grind Lower
Natural Gas Forecast: Prices on Verge of Breaking Higher Out of Trading Range
For the past few weeks, May natural gas has oscillated in a range between approximately $1.86 and $2.06. The market looks as though it wants to break higher after closing over Monday’s gap down from $1.99 on Tuesday and sustaining a close above $2.00 on Wednesday. May natural gas is working its way toward the … Continue reading Natural Gas Forecast: Prices on Verge of Breaking Higher Out of Trading Range
Crude Oil Forecast: WTI Setup for Potential Five-Wave Trend
The highly anticipated and headline grabbing April 17 meeting between OPEC and non-OPEC nations has set the stage for crude oil’s rally. However, some traders and pundits still think the world is awash in oil and an out-put freeze has already been priced in. They anticipate an agreement to freeze production—if reached—would have little near-term … Continue reading Crude Oil Forecast: WTI Setup for Potential Five-Wave Trend
