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…
Category: Oil
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…
Oil Fell amid Weaker-than-expected Eco Data and Inventory Builds
The energy complex ended the day with mixed performance. WTI crude oil rose to as high as 67.3 before pulling back and settling at 66.71, -0.2% as US consumer confidence index was…
Crude Oil Daily Technical Outlook
Nymex Crude Oil (CL) Break of 67.02 minor resistance indicates that an intraday low is in place at 65.05 and some consolidation could now be see. Nevertheless, recovery is expected to be…
Escalated Tensions in the Middle East Lifted Oil Price
Despite weakness in Asian session, crude oil price rebounded later in the day as Iran’s missile tests might have escalated geopolitical tensions. Moreover, strength in stock markets also boosted commodities. WTI crude…
Crude Oil Stays Weak. It’s Correlation with USD Has Surged Substantially
Crude oil price falls below 66 in European morning as USD recovers and stock markets weakens. Currently trading at 65.5, the benchmark contract for crude oil is vulnerable to further decline as…
Crude Oil Daily Technical Outlook
Nymex Crude Oil (CL) Crude oil continues to hover in tight range above 65.23 support today and still, intraday bias remains mildly on the downside as long as 67.02 minor resistance holds….
Commodity Prices Remain Soft in Asia Monday
Although still trading above 65, crude oil’s near-term outlook remains weak as investors worry about energy consumption. Decline in stock prices in Asia market and rebound in USD exert additional pressure on…
Oil Industry Sets a Brisk Pace of New Discoveries
By Jay Mouawad New York Times Thursday, September 24, 2009 The oil industry has been on a hot streak this year, thanks to a series of major discoveries that have rekindled a…