Crude Oil Price Forecast – June 1, 2021

WTI Crude Oil Technical Analysis and Short-Term Forecast

WTI crude oil rallied as expected after the holiday weekend. The move up briefly overcame an area of high confluence centered around $68.3 but stalled at $68.87. The subsequent pullback suggests a test of support might take place early tomorrow, but near-term odds favor a continued rise. Support at $66.7 is expected to hold and a move back above $68.3 will clear the way for the next major objective at $69.7 during the next few days.

Nevertheless, should WTI take out $66.7, look for a test of $65.4 and possibly $64.4. The $64.4 level is key for the near-term outlook because it is in line with the 38 percent retracement of the rise from $57.18 and the 62 percent retracement from $61.56. Closing above this would shift near-term odds in favor of a more significant test of support before the move up continues.

WTI Crude Oil - $0.65 Kase Bar Chart
WTI Crude Oil – $0.65 Kase Bar Chart

This is a brief analysis for the next day or so. Our weekly Crude Oil Forecast and daily updates are much more detailed and thorough energy price forecasts that cover WTI, Brent, RBOB Gasoline, Diesel, and spreads. If you are interested in learning more, please sign up for a complimentary four-week trial.

Published by

Dean Rogers, CMT

Dean Rogers, CMT is the general manager of the Kase Call Center in Albuquerque, New Mexico. He oversees all of Kase and Company, Inc.’s operations including research and development, marketing, and client support. Dean began his career with Kase in early 2001 as a programmer but has developed into Kase’s senior technical analyst. He writes Kase’s award-winning weekly Crude Oil, Natural Gas, and Metals Commentaries. He is an instructor at Kase's classes and webinars and provides all of the necessary training and support for Kase's hedging models and trading indicators for both retail and institutional traders.

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