|Bid||0.00 x 4000|
|Ask||0.00 x 4000|
|Day's Range||18.60 - 18.82|
|52 Week Range||14.58 - 24.41|
|PE Ratio (TTM)||N/A|
|Beta (3Y Monthly)||1.89|
|Expense Ratio (net)||0.90%|
As I wrote last week, this current rally is not about trying to drive oil prices back to triple digits, but rather to find the balance point for supply/demand and prices.
The crude oil markets didn’t do much on Monday, but when you look at the charts overall they do show quite a bit of strength. I think at this point, the market is certainly trying to break out from the longer-term standpoint, but obviously we have a lot of noise in the market.
Prices are retreating from early session highs after China reported automobile sales in January fell for a seventh month, raising concerns about fuel demand in the second-largest oil user.
The OPEC cuts are not about turning crude oil into a raging bull market, but rather to drive prices into a balance area. Currently, both WTI and especially Brent crude oil are within striking distances of that area.
Crude oil markets rallied significantly during the trading session on Friday to send this market above what has been massive resistance. Because of this, I think that the market is poised to go higher as we have been flirting with that level for quite some time.
The crude oil markets rallied significantly on Friday, breaking above resistance barriers during the process. However, the question now is whether or not we can stay above here?
The script for WTI and Brent crude prices is expected to remain the same on Friday. OPEC-led production cuts and Venezuelan sanctions are expected to underpin prices while concerns over rising U.S. production and slowing demand will limit gains.
Crude oil markets continue to grind higher, but we continue to see the same massive resistance area pushing the market back down. At this point, I think that the market is likely to continue to go back and forth, but eventually we will get a breakout, and that will be an excellent signal.
Short-term, the crude oil market looks bullish, but as WTI and Brent futures contracts approach the 50% retracement levels from their October highs to their December lows, the rally should stall. This is because the market is still oversupplied.
Energy stocks and oil-related exchange traded funds led market gains Wednesday as investors shifted over to a more risk-on mood in anticipation of a U.S.-China trade deal. Among the best performing non-leveraged ...
Crude oil markets initially fell during the trading session on Wednesday but turned around to show signs of life again. We continue to run into major resistance above, so obviously we have some work to do.
The combination of the OPEC-led production cuts, the increased reduction by the Saudis and in a limited way, the sanctions against Venezuela are helping to underpin prices, but in order to put the market over the top, demand is going to have to increase.
Crude oil markets rallied a bit during the trading session on Tuesday after falling initially. The market has been consolidating for some time, and therefore it’s not a huge surprise that we continue to do nothing in this area.
At this time, there is a lot of uncertainty in the marketplace and this tends to weigh on investor sentiment, but as long as OPEC and its allies continue to stick with their strategy to cut production and trim the global supply, prices should remain supported enough to prevent a steep sell-off.
Until we start to see some inventories numbers this week, the biggest influences on crude oil prices are likely to be concerns over U.S.-Chinese trade relations and trader appetite for risky assets. Trade talks between the two economic powerhouses are set to begin this week, but the two parties are said to be far from reaching a deal.
This week, we’re looking for a mostly sideways trade with the crude oil market underpinned by the OPEC-led production cuts and the U.S. sanctions against Venezuelan oil exports. Putting a cap on the market will be demand worries over slowing global economic growth and concerns over U.S.-China relations.
U.S. West Texas Intermediate and international-benchmark Brent crude oil futures both closed lower last week, but the U.S. market absorbed a bigger loss. The weakness in gold prices was fueled by two factors last week. Natural gas prices were pressured all week by the return of warmer temperatures, which reduced heating demand.
Crude oil markets fell during the week, as the resistance above continues to offer major resistance. That being the case, it looks as if we are trying to build up enough momentum to continue going higher, with the significant danger of breaking down.
Crude oil markets continue to slide during the trading session on Friday, and relatively quiet trading. This isn’t much of a surprise, because we are trying to reach down towards major support. There are a lot of questions out there right now, as crude oil has suddenly become very choppy.
The outlook for lower demand is expected to continue to weigh on the crude oil market today as the current theme in the market moving forward is concern over the slowing global economy. The news that Saudi Arabia reduced its output in January by about 400,000 barrels per day (bpd) to 10.24 million bpd is potentially bullish, but it is actually stale data. Traders are more concerned about demand at this time.
Crude oil markets broke down a bit during the trading session on Thursday, showing signs of momentum running out. This could end up being a decision-making trading session, as we have several different important levels around us.
The daily trend is up for both WTI and Brent crude oil, however, momentum is starting to shift to the downside. Prices are likely to remain rangebound, or drift sideways to lower until the U.S. and China reach a trade deal.