Most of the commodities gyrated within their recent trading range last week as the broad market outlook remained mixed. After a sharp fall to the lower end of the range in the…
Tag: Oil
Crude Oil Daily Technical Outlook
Nymex Crude Oil (CL) Crude oil’s rebound loses some steam ahead of 73.16 resistance but still, further rise is mildly in favor with 68.10 minor support intact. As discussed before, the corrective…
Crude Oil Price Weakens as Investors Take Profits Ahead of US Employment Data
Crude oil price retreats below 70 as investors take profit ahead of the US employment report. Indicators released earlier this week have been rather mixed and ’employment’ components have surprised to the…
Commodity Prices Retreat As Disappointing Eco Data Sent USD Higher
Although crude oil added +0.3% to settle at 70.82 Thursday, trading momentum was weakened as the US reported a series of disappointing data. Investors worried that economic recovery might not come as…
Crude Oil Daily Technical Outlook
Nymex Crude Oil (CL) Crude oil’s strong rebound from 65.05 is still in progress and breaches 70 level. The impulsive look of the rebound dampens our bearish view and in turn argue…
Oil Price Has Little Change Depsite IMF’s Upgrades
Hovering around 70, the benchmark contract for crude oil changes little ahead of US opening. IMF’s upgrades on economic forecasts and OPEC’s production cut in September are bullish factors but investors probably…
Strengthening in WTI Timespread Signals Further Draws in Cushing Stocks
Crude oil rallied +5.8% to settle at 70.61 Wednesday as gasoline stockpile surprisingly drew last week. Although the inventory data were mixed with crude inventory rising more than forecasts while distillate gaining…
Crude Oil Price Reacted Mildly Positive to Less-than-expected Distiallte Stock Gain
Crude oil inventory rose +2.8 mmb, compared with consensus of +2 mmb increase, to 338.4 mmb in the week ended September 29. The good thing is Cushing stock recorded significant drop of…
Crude Oil Daily Technical Outlook
Nymex Crude Oil (CL) Crude oil’s consolidation from 65.05 is still in progress and recovery might continue further. But upside is still expected to be limited well below 71.11 resistance an bring…
Commodities Strengthen as IMF Upgrades Credit Market Outlook
Crude oil price rebounds above 67 in European morning as USD retreats. IMF’s improved outlook on global credits, strong China PMI and Japan industrial output data also revive market expectations on economic…