Home » Daily Oil Prices » Daily Oil Prices – Oil Price Chart 15th May 2009

Daily Oil Prices – Oil Price Chart 15th May 2009

Daily Oil Prices - Oil Price Chart 15th May 2009

Owing to technical problems, namely no internet connection I have combined 2 day’s worth of commentaries for you.

Commentary for Thursday 14th May 2009:

Following better than expected crude oil inventories which under normal circumstances would be seen as having a bullish impact, crude oil oil prices experienced a sell off aided and abetted by a weaker dollar and stumbling equity markets.   This was in contrast to early trading when daily oil prices managed to reach an intra-day high of $59.87, just failing to break above the $60 mark which is now becoming of increasing importance as a technical target for any future move higher in the price of oil.   Yesterday’s price action followed an impressive 2 week rally which has seen oil prices gain by $10 a barrel ($50.00 – $60.00) so yesterday’s price move which finished $1.73 hardly came as a great surprise as profit takers entered the market.  Daily oil prices eventually settled at $57.70. From a technical perspective we need to aware that yesterday’s candle provided a bearish engulfing signal which, if confirmed, could be the portent of a short term retracement for oil prices.

The short term trend is bullish, the medium term trend is sideways and the long term trend is bullish.

WTI:

Support:    $57.40 (yesterday’s low)                              Resistance: $61.06 (high of 11/11/08)

Support:    $56.80 (low of 11/05/09)                              Resistance: $60.06 (high of 12/05/09)

Support:    $55.42 (low of 07/05/09)                              Resistance: $59.87 (yesterday’s high)

OIL (BRENT):

Support:    $56.88 (yesterday’s low)                              Resistance: $61.98 (high of 10/11/08)

Support:    $56.31 (low of 11/05/09)                              Resistance: $59.43 (high of 07/11/08)

Support:    $55.43 (low of 07/05/09)                              Resistance: $59.05 (yesterday’s high)

DOE Stock Figures (change in millions of barrels)

Crude -4.7 (+1.3)      Distillates +1.0 (+1.3)    Gasoline -4.1 (unchanged)

Friday 15th May 2009 Commentary:

Crude oil prices initially declined declined in early trading appearing to confirm Wednesday’s bearish engulfing candle, however in later trading oil prices recovered once again, closing the day 60 cents up and settling at $59.39, on an up-bar with a deep lower shadow which bounced off the 9 day moving average suggesting that we may see a move higher today.   However, we must bear in mind the signal of Wednesday as this could still influence oil prices in the next few days, and as outlined above the $60 price point is now taking on increasing significance on the daily oil chart.   With many traders squaring positions ahead of the weekend, my suggestion for today would be to stand aside to see if Wednesday’s engulfing candle does indeed hold sway.

The short term trend is sideways, the medium term trend is sideways and the long term trend is bullish.

WTI:

Support:    $57.54 (yesterday’s low)                              Resistance: $60.86 (high of 12/05/09)

Support:    $56.72 (low of 07/05/09)                              Resistance: $60.70 (high of 13/05/09)

Support:    $55.13 (low of 06/05/09)                              Resistance: $59.85 (yesterday’s high)

OIL (BRENT):

Support:    $56.00 (yesterday’s low)                              Resistance: $59.05 (high of 13/05/09)

Support:    $55.43 (low of 07/05/09)                              Resistance: $58.09 (high of 11/05/09)

Support:    $53.86 (low of 06/05/09)                              Resistance: $57.28 (yesterday’s high)