|Bid||19.48 x 1400|
|Ask||19.47 x 1200|
|Day's Range||19.14 - 19.55|
|52 Week Range||14.58 - 21.31|
|PE Ratio (TTM)||N/A|
|YTD Daily Total Return||28.22%|
|Beta (3Y Monthly)||2.10|
|Expense Ratio (net)||0.90%|
The crude oil markets fell during a large part of the week but also turned around to rally during just as much. It seems like every time the short-term charts showed a bearish move, the buyers were there to pick them up.
The crude oil markets dipped a little bit to kick off the Friday session, only to turn around as buyers enter the marketplace. With that being the case, it’s very likely that the market will continue to be one that favors the upside in the short term.
This, the final section of this multi-part research article, will continue our exploration of the consequences that may result from our ADL predictive modeling system’s suggestion that Oil may continue to fall to levels below $40 over the next few months.
The early strength didn’t last and the markets turned lower after the IEA said on Friday, OPEC and its friends face stiffening competition in 2020, adding urgency to the oil producer group’s policy, according to Reuters.
Although the markets are most certainly consolidating, the fact that buyers continue to come into the crude oil market is somewhat encouraging. Because of this, it’s very likely that the market will eventually try to reach the top of the larger consolidation range that we have been in.
Our ADL modeling system suggests that oil prices may continue lower well into early 2020 where the price is expected to target $25 to $30 in February~April 2020.
Crude oil is steady, as West Texas Intermediate is trading around the $57 level. Investors are keeping an eye on EIA crude inventories, which will be released at 16:00 GMT.
The key market driver on Thursday is the prediction by an OPEC official about lower-than-expected U.S. shale production growth in 2020. However, this is stark contrast with forecasts by the U.S. Energy Information Administration (EIA) on Wednesday that U.S. oil production is on course to hit new records this year and next.
The crude oil markets initially dipped during the trading session on Wednesday, as we continue to see a lot of noise in the crude oil market. There are a lot of conflicting forces going on right now in crude, so don’t be surprised at all to see this market do nothing.
Currently, commodity prices are the cheapest they’ve been in over 40 years compared to equity prices. US Equities have continued to rise over the past 7+ years due to a number of external processes. QE1, 2, 3, and Fed Debt Purchases Share Buy-Backs and creative credit facilities.
News does drive certain market events and we understand how certain traders rely on news or interest rates to bias their positions and trades. As technical analysis purists, so to say, we believe the price operates within pure constructs of price rotation theory, trend theory, technical indicator theory, and price cycles. We’ve found that technical analysis distills many news items into pure technical trading signals that we can use to profit from market swings.
Crude oil inventories were forecast to have risen for a third straight week last week, while refined products inventories likely declined, a preliminary Reuters poll showed on Tuesday.
Asian stocks are trading lower, despite their US counterparts tantalisingly close to setting new record highs, as investors continue sieving through potential signals from the noise surrounding the highly anticipated US-China trade deal.
Crude oil markets did very little in the way of action during the trading session on Tuesday, as they continue to consolidate in the middle of the larger rectangle that they are both in.
There is little change in crude prices on Tuesday, which remains range-bound. In the North American session, West Texas Intermediate is trading just above the $57 level.
On Monday, U.S. data showed that crude inventories at the Cushing, Oklahoma delivery hub for WTI, fell about 1.2 million barrels in the week-ending November 8, traders said, citing market intelligence firm Genscape.
US equities recovered well after a feeble start. Markets are struggling as investors struck a cautious chord after a run of not so convincing headlines from the US administration suggested last weeks optimism on the US-China trade talks might have been premature. But with the US market closed for Veterans day, there hasn’t been a lot of traffic overnight either.
The crude oil markets pulled back a bit during the early hours on Monday, as we had seen a bit of a pullback due to fears about the US/China trade talks yet again.
Prices are under pressure because of uncertainty over the trade deal. When there’s uncertainty, investors sell first and ask questions later. The markets could drift sideways to lower until traders are once again satisfied with the progress in the trade talks.
COT on commodities in week to November 5 showed how trade hopes and weather developments drove position changes from oil and natural gas to gold and coffee
It could be a mixed day in Asia after President Trump ambiguously stated he has not agreed to a tariff rollback with China, but talks are moving along “very nicely” and that Beijing wants a trade deal “much more than I do.” Of course, that belies the fact that tariffs are becoming a significant drag on US growth with importers paying a record $7bn in duties in September.