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- :Crude oil futures were little changed on Friday but were set to rise for a second week amid signs of improving demand and falling oil and fuel inventories in the U.S., the world's biggest oil consumer.
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Jul 19, 2022 · NEW YORK, July 19 (Reuters) - Oil prices rose about 1%, with global benchmark Brent settling at a two-week high in volatile trade on Tuesday as traders worried about tight supplies and a...
May 6, 2022 · HOUSTON, May 6 (Reuters) - Oil prices rose nearly 1.5% on Friday, posting a second straight weekly increase as impending European Union sanctions on Russian oil raised the prospect of tighter...
May 25, 2022 · Oil prices rose on Wednesday, buoyed by tight supplies and as U.S. refiners drove processing activity to their highest level since before the coronavirus pandemic started.
- Weekly Technical Crude Oil Price Forecast: Neutral
- Energy Prices Week in Review
- Top Economic Events in Week Ahead
- Oil Volatility, Oil Price Correlation Remains Weak
- OVX
- Crude Oil Price Technical Analysis: Daily Chart
- Crude Oil Price Technical Analysis: Weekly Chart
- Crude Oil Price Versus Cot Net non-commercial Positioning: Daily Timeframe
- IG Client Sentiment Index: Crude Oil Price Forecast
Even though crude oilfutures just reached a new 52-week high close, net-long positioning has not: the 52-week high for net-longs came in the second week of July 2021, when 594,465 contracts were held.The IG Client Sentiment Index suggests thatcrude oil priceshave a bearish bias in the near-term.The first full week of June saw more gains for energy prices, continuing a robust trend through the first five-plus months of 2022. Overall, crude oil prices gained +1.51% last week, and are now up by +5.23% in June and +60.44% in 2022 overall. Brent oil prices added +1.27%, and are now up by +3.43% month-to-date and +52.64% year-to-date. Natural g...
Deteriorating economic data from around the globe has had little, if any, impact on energy markets in recent weeks. Instead, focus has remained on the ebb-and-flow of demand coming out of China (as a result of the zero-COVIDstrategy), while concerns remain around the ability of OPEC+ to effectively increase energy supplies amidst a significant drop...
Crude oil prices have a relationship with volatility like most other asset classes, especially those that have real economic uses – other energy assets, soft and hard metals, for example. Similar to how bonds and stocks don’t like increased volatility – signaling greater uncertainty around cash flows, dividends, coupon payments, etc. – crude oil te...
Oil volatility (as measured by the Cboe’s gold volatility ETF, OVX, which tracks the 1-month implied volatilityof oil as derived from the USO option chain) was trading at 42.92 at the time this report was written, its lowest level since mid-February. The 5-day correlation between OVX and crude oil prices is -0.80 while the 20-day correlation is -0....
Crude oil prices continue to climb out of their recent two month-plus range, moving above the 100% Fibonacci extension level (114.20) measured from the November 2020 low, October 2021 high, and December 2021. Bullish momentum is firm, with crude oil prices above their daily 5-, 8-, 13-EMAs, and the EMA envelope is in bullish sequential order. Daily...
On the weekly timeframe, bullish momentum is likewise accelerating. Crude oil prices are back above their weekly 4-, 8-, and 13-EMA, and the EMA envelope remains in bullish sequential order. Weekly MACD is trending higher above its signal line again, and weekly Slow Stochastics are moving towards overbought territory. A bullish bias remains appropr...
Next, a look at positioning in the futures market. According to the CFTC’s COT data, for the week ended June 7, speculators decreased their net-long crude oil futures positions to 385,510 contracts, down from the 386,845 net-long contracts held in the week ended May 31. Even though crude oil futures just reached a new 52-week high close, net-long p...
Oil - US Crude: Retail trader data shows 35.99% of traders are net-long with the ratio of traders short to long at 1.78 to 1. The number of traders net-long is 2.97% lower than yesterday and 4.04% lower from last week, while the number of traders net-short is 15.49% lower than yesterday and 10.45% lower from last week. We typically take a contraria...
- Christopher Vecchio
- Former Senior Strategist
Jun 21, 2024 · Crude prices eased about 1% on Friday on worries that global oil demand growth could be hit by a strong U.S. dollar and negative economic news from some parts of the world.
Jun 24, 2024 · After last week’s big decline in U.S. crude and gasoline inventories,, traders are waiting to see whether the report due on Wednesday will provide further evidence of sustained strong gasoline...
Dec 31, 2022 · Oil prices ended the week higher on Friday, rallying on the last trading of the year, despite an unexpected rise in US crude stocks, recession fears and demand concerns owing to a resurgence of Covid-19 infections in the world's top crude importer China.
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