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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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Dec 8, 2022 · Dec 8 (Reuters) - Crude oil futures spent much of 2022 surging, as demand for transportation fuels to travel returned while Russia's invasion of Ukraine and production cuts from the world's...
Dec 30, 2022 · The world's top oil importer and second-biggest consumer in 2022 posted its first drop in oil demand for years. While China's oil demand is expected to recover in 2023, a recent surge in...
Jan 4, 2023 · The Brent crude oil spot price averaged $100/b in 2022, and the WTI spot price averaged $95/b. In the first half of 2022, geopolitical tension with Russia, culminating with Russia’s full-scale invasion of Ukraine on February 24, contributed to crude oil price increases.
- 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
Oil prices up for third week to highest in over 2 years as IEA forecasts pre-COVID demand levels by late 2022. Last Updated: June 11, 2021 at 3:20 p.m. ET First Published: June 11, 2021 at...
May 25, 2022 · Global crude supplies continue to tighten as buyers avoid oil from Russia, the world's second-largest exporter, after the invasion of Ukraine, which Moscow calls a "special military...
Apr 2, 2022 · US Crude Oil Output Remains Stagnant. This upbeat outlook suggests OPEC will maintain a gradual approach to restoring production to pre-pandemic levels. Meanwhile, current market conditions may...
