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Oil Price Rally Vulnerable Amid Failure to Test March High
of clients are net short. Long
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of clients are net short. Long
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of clients are net short. Long
News
of clients are net short. Long
News
2021-05-06 14:30:00
David Song,
Strategist
Oil Price Talking Points
The price of oil pulls back from a fresh monthly high ($66.76) despite a larger-than-expected contraction in US inventories, but signs of subdued supply may keep crude prices afloat as US output remains at its lowest level since 2018.
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Oil Price Rally Vulnerable Amid Failure to Test March High
The recent rally in the price of oil appears to be stalling ahead of the March high ($67.98) as it fails to extend the series of higher highs and lows from the start of the week, and crude prices may tr
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Oil Price Forecast: Move Below 50-Day SMA to Keep March Range Intact
2021-04-21 19:00:00
David Song,
Strategist
Oil Price Talking Points
The price of oil attempts to retrace the decline from earlier this week despite an unexpected rise in US crude inventories, but crude may continue to track the March range as the Organization of the Petroleum Exporting Countries (OPEC) plan to gradually restore production over the coming months.
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Oil Price Forecast: Move Below 50-Day SMA to Keep March Range Intact
The price of oil struggles to hold above the 50-Day SMA ($61.54) as it pulls back from a fresh monthly high ($64.38), and crude may face range bound prices ahead of the OPEC Joint Ministerial Monitoring Committee (JMMC) meeting on April 28 as US stockpiles recover after contracting for three consecutive weeks.
The natural gas storage report from the EIA for the week ending April 9th indicated that the amount of natural gas held in underground storage in the US rose by 61 billion cubic feet to 1,845 billion cubic feet by the end of the week, which left our gas supplies 242 billion cubic feet, or 11.6% below the 2,087 billion cubic feet that were in storage on April 9th of last year, but now 11 billion cubic feet, or 0.6% above the five-year average of 1,834 billion cubic feet of natural gas that have been in storage as of the 9th of April in recent years..the 61 billion cubic feet that were added to US natural gas storage this week was less than the average forecast of a 65 billion cubic foot addition from an S&P Global Platts survey of analysts, and was also less than the 68 billion cubic feet added to natural gas storage during the corresponding week of 2020, but it far surpassed the average addition of 26 billion cubic feet of natural gas that have typically been injected into natural ga