Oil Price Rally Vulnerable Amid Failure to Test March High
of clients are net short. Long
News
of clients are net short. Long
News
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.
Advertisement
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
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.
Advertisement
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.
Lack of momentum to push back above the 50-Day SMA ($60.69) may generate range bound prices in oil even as OPEC upgrades the outlook for global demand.
Oil Price Susceptible to Rise in US Output Following OPEC JMMC Meeting of clients are net short. Long News of clients are net short. Long News of clients are net short. Long News of clients are net short. Long News 2021-04-05 14:00:00 David Song, Strategist
Oil Price Talking Points
The price of oil appears to be stuck in a narrow range as the Organization of the Petroleum Exporting Countries (OPEC) plan to gradually restore production over the coming months
Oil Extends Bearish Price Series as US Stockpiles Rise for Fourth Week 2021-03-17 19:30:00 David Song, Strategist
Oil Price Talking Points
The price of oil extends the series of lower highs and lows from earlier this week as US crude inventories widen for the fourth consecutive week, but current market conditions may keep oil prices afloat as it continues to track the upward trend established in November. Advertisement
Oil Extends Bearish Price Series as US Stockpiles Rise for Fourth Week
The broader outlook for the price of oil remains constructive as it takes out the 2019 high ($66.60) in March, and crude may continue to exhibit a bullish trend in 2021 as Saudi Arabia stays on track to reduce supply by 1 million b/d until April.