Published on Wed, 17/06/09 | Daily Oil Prices

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<< Oil Prices - Latest WTI Crude Oil Price Chart 16th June 2009  Latest Oil Prices For Trading WTI Oil - 18th June 2009 >>

Not only are today’s EIA oil stats expected to show a further decline in crude oil inventories they may also provide the oil market with some direction for crude oil prices in the short to medium term given yesterday’s unusual price action on the oil chart.   The early trading session saw a strong rebound in crude oil prices reversing the steep decline of Monday which initially pushed the price of oil back above the 9 day moving average and reaching an intra day high of $73.42 per barrel.  However, a failure to re-test the recent high of $73.91 of June 11th translated into a sharp retracement, and as a result crude oil finished the oil trading session a mere 3 cents higher at $70.85 in a consolidating move that looks set to continue for the short term as the market takes a breather.

Technically yesterday’s candle finished as a “shooting star” pattern suggesting that the oil market is weakening slightly in the face of selling pressure possibly on the back of a resurgence in the US Dollar as evidenced on the Dollar Index, and should this effect be pronounced then we may see a significant reversal in oil prices in the next few days.  Any break and hold below the 14 day average could prove significant particularly if it is coupled with a penetration of the support immediately below at the $68 price point, and today’s oil inventory numbers in conjunction with equity market performance and the US Dollar could prove pivotal in the short term.   Our medium term price target still remains $75 per barrel.

The short term sideways, medium and long term bullish.

WTI:

Support:    $70.51 (yesterday’s low)                              Resistance: $74.54 (high of 17/10/08)

Support:    $69.37 (low of 09/06/09)                              Resistance: $73.91 (high of 11/06/09)

Support:    $68.40 (low of 05/06/09)                              Resistance: $73.42 (yesterday’s high)

OIL (BRENT):

Support:    $69.55 (yesterday’s low)                              Resistance: $73.61 (high of 20/10/08)

Support:    $68.56 (low of 15/06/09)                              Resistance: $73.29 (high of 21/10/08)

Support:    $67.35 (low of 05/06/09)                              Resistance: $72.40 (yesterday’s high)

DOE Stock estimates (change in millions of barrels)

Crude -1.7      Distillates +0.8    Gasoline +0.3

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