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By Dominick Chirichella |
April 3, 2013
Oil prices are drifting lower ahead of this morning’s EIA oil inventory report and after the API reported a much larger than expected build in crude oil but partially offset by a larger than expected draw in gasoline stocks.
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By Phil Flynn |
April 1, 2013
Oil prices are weaker on China's PMI, which rose to a less than expected 50.9 in March. The number failed to inspire petroleum buying but it was a slight improvement over February.
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By Dominick Chirichella |
March 27, 2013
After three strong up days the spot WTI contract is on the defensive this morning ahead of today’s EIA oil inventory report. WTI is now in a new higher technical trading range with $94.50 the support area and $97 the current resistance level.
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By Phil Flynn |
March 27, 2013
Oil prices tried to put Cyprus aside and decided to focus on improving U.S. economic data and seasonal factors. There are still fear that there could be a run on banks across Europe.
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By Phil Flynn |
March 13, 2013
Oil prices are trying to find their seasonal bottom. A bounce yesterday on strong retail sales and happy talk out of Europe, seemed to give the complex a technical bounce.
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By Dominick Chirichella |
March 6, 2013
The relatively balanced global fundamental situation has been keeping oil prices under control as the market has been in a short term downward trading channel since breaking through key technical support levels in the middle of February.
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By Dominick Chirichella |
February 27, 2013
All of the normal macroeconomic data is playing a secondary role as the oil markets move in sync on each new 30 second news snippets regarding Italy, Bernanke, and the sequester.
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By Phil Flynn |
February 27, 2013
With the negative outlook, gold and silver and the bonds got a boost and oil was unmoved as it focused on what seems like an ever increasing supply situation.
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By Dominick Chirichella |
February 20, 2013
The spot WTI contract held range support and has now moved back to the middle of its trading range on the last day of trading. The soon to be spot April contract has been in a trading range of about $99 on the upside and $95.40 on the lower end....
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By Dominick Chirichella |
February 13, 2013
The EIA and OPEC both increased their projection for global oil demand growth versus last month's reports with the IEA surprising the market by decreasing their forecast vs. last month.
