Last week week was a challenging one for oil traders with daily oil prices fluctuating between the $77.60 high and the $69.85 low of Friday, and ending the week with a narrow spread downbar but with a deep wick to the upper body suggesting a considerable degree of bearish sentiment.  The only positive we can [...]

Whilst yesterday’s small shooting star candle certainly suggested a degree of bearish sentiment in the crude oil market, today’s sell off has been nothing short of spectacular with daily oil prices crashing back to their level at the start of the week and breaking below all three moving averages once again.  The extent of today’s [...]

Crude oil prices have managed to stage a dramatic reversal in the past two days on the back of a weaker dollar and better than expected US ISM data which came in at 58.4 against a forecast of 55.5 with yesterday’s widespread up candle confirming Monday’s bullish engulfing signal in dramatic fashion.  Yesterday’s candle was [...]

Crude oil prices on Friday continued to move lower once again reinforcing the recent bearish trend that began in early January and has since progress throughout the entire month, with Friday’s close just below the $73 per barrel price point. Technically Friday’s candle continued the bearish picture ending the oil trading session as a wide [...]

The oil market appears to have discounted the unexpectedly large fall in crude oil stocks this week given that analysts had predicated a substantial rise as this was largely offset by the increase in distillates and a fall in refining capacity – the lowest in 20 years.  Instead a combination of a stronger dollar and [...]

According to analysts both crude oil and gasoline stocks are seen as rising in data due out later today from the DOE.  The data which covers the period to 22 January is due for release at 10.30 am EST.  Crude oil is expected to rise by 1.4m barrels, gasoline by 1.0m and distillates (which includes [...]

Daily oil prices managed to stabilize and rally marginally yesterday, ending the day with a narrow spread up candle, hardly a convincing move, and certainly one which failed to provide any meaningful technical signals for the short term. With all three moving averages pointing sharply lower and with the 9 day moving average about to [...]

The commodity market has made a very tentative start to the new trading week with risk appetite muted as markets try to assess the impact of the proposed Obama banking reforms.   The populist regulations have knocked market confidence and are seen as an unwelcome distraction.  In addition uncertainty surrounding the reappointment of Ben Bernanke [...]

The bearish sentiment evident in the last two weeks for crude oil continued once again today with daily oil prices ending the trading session once again with a widespread down bar and, more importantly, breaching the 40 day moving average which has added to this negative picture.  With daily oil prices now pushing deeper into [...]

With speculation that tomorrow’s crude oil inventory figures are likely to be bearish daily oil prices did not need today’s strong performance by the US dollar as well as news that China is attempting to cool its economic growth by tightening lending criteria which resulted in a sharp sell off in the energy complex.   [...]