WTI oil price in the CFTC report

The CFTC weekly report can provide some valuable insights into the market sentiment for a wide variety of commodities and currencies, but the way this data is presented is far from user friendly, and is therefore ignored by many oil traders. In addition, many traders...

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Daily Oil Prices 24 Mar 2011

Having finally broken out of its long sideways consolidation the question now is just how far daily oil prices are likely to rise if and when they manage to break through the March 7th top at 106.  One of the most straightforward methods would be...

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Daily Oil Prices 28 Feb 2011

Although the recent tensions in the Middle East and Libya have been cited as reasons for the surge in oil prices, from a technical perspective I have been long the commodity for many months – in fact I was fully expecting oil to breach $100...

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Daily Oil Prices 24 Jan 2011

Today’s weaker dollar and positive equity markets have done little for the WTI contract which at time of writing is trading at $87.80 per barrel, having fallen from a high of almost $90 per barrel.  Crude oil remains soft on fears that China, which the...

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Daily Oil Prices 18 Jan 2011

Buoyant equity markets and a weaker dollar are helping to keep crude oil prices well bid as they move inexorably towards the $100 per barrel target. The daily oil price chart has now seen the WTI contract consolidating in the $90 to $92 price region...

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Daily Oil Prices 5 Jan 2011

Daily oil prices have today rebound back above the $90 per barrel price handle following better than expected crude oil inventories which confirmed a draw of -4.2m barrels against a forecast of -1.4m barrels.  This data also followed much better than expected employment data in...

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Daily Oil Prices – 17 Dec 2010

Following two weeks of sideways consolidation with today’s candle on the oil chart adding to the recent pattern, the only question that remains is whether the explosive break out for oil prices to the upside occurs before the end of the year or in 2011...

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Daily Oil Prices 14 Dec 2010

Despite last week’s drift sideways daily oil prices continue to remain firmly bullish with the 9 day moving average in particular providing solid support to any short term pullback.  Indeed this was a feature of Friday’s price action with the WTI crude oil contract closing...

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Daily Oil Prices 1 Dec 2010

A volatile week for crude oil trading so far with Monday’s strong breakout promptly reversing yesterday as crude oil prices pulled back as a wide spread down candle which found solid support from the 14 day moving average.  Indeed this volatile price action has continued...

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Daily Oil Prices 29 Nov 2010

Crude oil prices bounced back in style last week with Wednesday’s wide spread up candle injecting some much needed optimism which was duly consolidated on Friday with a hold above all 4 moving averages once again.  Indeed a feature of Friday’s candle was the deep...

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