Oil Futures Trading | Daily Oil Prices

Archive for oil futures trading

Daily Oil Prices – Oil Price Chart 4th August 2009

By admin · Comments (1)

Tuesday, August 4th, 2009

Oil Prices Daily Chart - WTI Oil Price Chart 4th August 2009

The oil market’s ability to either ignore or take fright at its own fundamentals is really quite extraordinary and must not be underestimated given that tomorrow’s crude oil inventory is expected to show a further build. The forecast numbers are for the inventory to increase by 500k barrels, gasoline to decrease by 1.3m barrels and distillates, which include heating oil and diesel to increase by 800k. Last week’s numbers did cause daily oil prices to drop somewhat dramatically only for them to recover in an equally dramatic fashion the next day as oil prices decided to hitch a ride on the back of surging equity markets. The debate is now whether the oil price is in fact sustainable at the current level as investors continue to pin their hopes on a strong recovery. Oil bulls have also been helped by chronic Dollar weakness, in particular against the Euro, when after months of consolidation the Euro (along with the British Pound and Canadian Loonie) finally broke out of their sideways consolidation. Oil bulls were further cheered by China which saw a combination of strong manufacturing data and record pace refining activity. For the markets it really is a case of East is best. From a technical perspective we are now at a pivotal point on the oil chart following the strong surge higher of the last few days and yesterday’s candle ended the oil trading session deeply embedded in the consolidation of June. For further progress in the price of oil we now need to see this level breached with a hold, preferably, above the $72 per barrel level. Should this occur in due course then I fully expect oil prices to continue rising in the short term fully supported by all three moving averages which are now crossing the 40 day to point higher once again. Should this occur we are still on course to hit our initial target of $75 per barrel in the short term. Overall in yesterday’s oil session WTI oil prices traded in a $4.53 range before ending the day at $66.94 per barrel.

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

WTI

Support: 62.38 Resistance: 72.43

Support: 62.86 Resistance: 67.89

Support: 61.14 Resistance: 62.58

Brent

Support: 70.24 Resistance: 72.58

Support: 68.33 Resistance: 69.80

Support: 61.10 Resistance: 67.47

Categories : Daily Oil Prices

Tags : Brent Crude, crude oil, crude oil futures, crude oil price, crude oil price chart, crude oil prices, crude price, currency broker, currency chart, currency charts, currency futures, currency market, currency markets, currency options, currency trade, currency trader, currency traders, current oil prices, daily forex, Daily Oil Prices, dollar forex, euro currency, euro trading, foreign currency trading, foreign exchange trading, forex account, forex broker, forex brokers, forex charts, forex course, forex currencies, forex currency, forex education, forex euro, forex exchange, forex forecasts, forex futures, forex hedging, forex margin, forex market, forex mini, forex news, forex pip, forex pips, forex rates, forex real time, forex signal, forex signals, forex spot, forex strategies, forex strategy, forex tips, forex trader, forex trading, forex trading strategies, forex training, futures oil trading, fx charts, fx currency, fx forex, fx trading, global currency, global forex, learn currency trading, learn forex, managed forex, oil barrel prices, oil demand, Oil Futures, oil futures trading, oil market, oil prices daily, oil prices per barrel, oil reserves, online currency trading, real time currency, spot euro, spot oil prices, trade forex, trading currencies, trading platform, us currency, usd currency, usd forex, usd trading

Daily Oil Prices – Crude Oil Price Chart 17th July 2009

By admin · Comments (2)

Friday, July 17th, 2009

Daily Oil Prices On WTI Price Chart - 17th July 2009

The better than expected GDP growth figures from China appear to have had little impact on the price of crude oil which is taking its cue from the equity markets, a weak US Dollar and news from the API that in the first half of 2009 oil demand in the US has fallen by almost 6%, its lowest level in a decade. These elements are to some extent reflected in the S&P500 where both the bulls and the bears are claiming various head and shoulder patterns as they own and supportive of their own prejudices. Technically yesterday’s candle was interesting for several reasons, first and from a negative perspective, it failed to follow through on the bullish momentum created on Wednesday. However, on the positive side the deep lower wick suggests a modicum of bullish sentiment in the market and secondly the close of the day finished above the 9 day moving average once again, which reinforces this particular view. On balance therefore a mixed message on the daily oil chart. The $60 per barrel price handle seems to have stopped the rot in daily oil prices and should we see a break and hold above both the 14 and 40 day moving averages in due course then we may well see a recovery in daily oil prices but the strong resistance now in place at the $70 per barrel level will take considerable force and momentum to pierce. Overall crude finished 34 cents higher to settle at $63.22 having at one stage touched an inter day low of $61.46 per barrel.

The short and medium term sideways while the long term is bullish.

WTI:

Support: $61.46 (yesterday’s low) Resistance: $64.46 (high of 27/05/09)

Support: $60.66 (low of 15/07/09) Resistance: $63.60 (high of 08/07/09)

Support: $60.03 (low of 14/07/09) Resistance: $63.22 (yesterday’s high)

OIL (BRENT):

Support: $61.99 (yesterday’s low) Resistance: $64.48 (high of 28/05/09)

Support: $61.33 (low of 15/07/09) Resistance: $63.83 (high of 15/07/09)

Support: $60.48 (low of 14/07/09) Resistance: $63.30 (yesterday’s high)

Daily Oil Prices – WTI Crude Oil Price Chart 16th July 2009

By admin · Comments (0)

Thursday, July 16th, 2009

Daily Oil Price Chart - 16th July 2009 WTI Oil Prices

Yesterday’s sharp rebound in crude oil prices reflected an increased appetite for risk as equity markets rallied thereby precipitating a consequent slide in the US Dollar. In addition the oil market appears to have discounted the higher than expected gasoline stocks, instead taking a bullish cue from the larger than anticipated draw in the crude inventory. It is interesting to note that it is exactly one year since the great oil price spike (14th July 2008 – Bastille Day) but following a drop of almost 20% since 30th June 2009 this anniversary has been celebrated with daily oil prices gaining 3% or $1.89 yesterday to close at $61.69. From a technical perspective yesterday’s up bar closed marginally above the 9 day moving average but well below the 14 and 40 which continue to provide a bearish picture. With the break and hold the psychological $60 per barrel price handle and with some support at this level, we may see prices push in the short term – boosted perhaps by better than expected results in the equity markets (today we have Google and IBM reporting) – but should this level fail to hold then we may see a fall back, possibly to re-test the $55 per barrel of mid May.

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

WTI:

Support: $59.80 (yesterday’s low) Resistance: $63.81 (high of 27/05/09)

Support: $59.15 (low of 14/07/09) Resistance: $62.67 (high of 08/07/09)

Support: $58.32 (low of 13/07/09) Resistance: $61.99 (yesterday’s high)

OIL (BRENT):

Support: $61.33 (yesterday’s low) Resistance: $64.89 (high of 07/07/09)

Support: $60.48 (low of 14/07/09) Resistance: $64.48 (high of 28/05/09)

Support: $59.49 (low of 13/07/09) Resistance: $63.83 (yesterday’s high)

DOE Stock Figures (change in millions of barrels)

Crude -2.8 (-1.5) Distillates +0.5 (+1.8) Gasoline +1.4 (+0.8)

Categories : Daily Oil Prices

Daily Oil Prices – Crude Oil Price Chart WTI 15th July 2009

By admin · Comments (0)

Wednesday, July 15th, 2009

Crude Oil Price Chart - Daily WTI Oil Prices 15th July 2009

The much vaunted Goldman Sachs second quarter figures certainly lived up to expectations, injecting some much needed optimism into the markets as well as speculation that a degree of risk tolerance may be also be returning. However, as far as far as the oil market is concerned it is EIA stats due out later today which should give us some idea for the short direction of crude oil prices. From a technical perspective yesterday’s price action on the oil chart gave the oil bulls some hope as daily oil prices touched an inter day high of $61.45 per barrel. However, a failure to break through and hold above the 9 day moving average appeared to trigger some technical selling and daily oil prices ended the day 53 cents lower at $59.55. Technically the $60 per barrel level remains a tipping point partly as a result of the psychological zero/zero aspect and partly due to the support region created back in early to mid May. Yesterday’s candle failed to provide any convincing validation of the hammer of Monday although it is too early to discount this technical signal given the creeping weakness in the US Dollar as evidenced on the Dollar Index which is now looking in severe danger of rolling over into a deeper move lower. For any sustained reversal in the price of crude oil we need to see a break and hold above all three moving averages, coupled with some momentum and with the $62.50 price handle providing a springboard to a move higher.

The short term bearish, medium and long term sideways.

WTI:

Support: $59.15 (yesterday’s low) Resistance: $62.67 (high of 08/07/09)

Support: $58.32 (low of 13/07/09) Resistance: $61.66 (high of 09/07/09)

Support: $57.80 (low of 12/05/09) Resistance: $61.45 (yesterday’s high)

OIL (BRENT):

Support: $60.48 (yesterday’s low) Resistance: $64.48 (high of 28/05/09)

Support: $59.49 (low of 13/07/09) Resistance: $63.13 (high of 08/07/09)

Support: $58.83 (low of 21/05/09) Resistance: $62.26 (yesterday’s high)

DOE Stock estimates (change in millions of barrels)

Crude -1.5 Distillates +1.8 Gasoline +0.8

Daily Crude Oil Prices – WTI Oil Price Chart 14th July 2009

By admin · Comments (0)

Tuesday, July 14th, 2009

Daily Oil Prices - Daily Oil Chart 14th July 2009

Although yesterday’s somewhat lacklustre price action in daily oil prices was somewhat surprising given the late gains in equities and a small slide in the US Dollar, the reality is that the oil market is waiting for the earnings season to start in earnest as well as the inventory figures. For the oil market it is this combination which will give oil traders some idea of the future direction of crude oil prices. Aside from Goldman Sachs, who are expected to post some stellar results before the bell, the consensus appears to be that corporate results will be at best, mixed and at worst, dire. In addition although analysts expect crude inventories to decrease by an average of 1.5m barrels it is the distillate numbers that oil traders will be watching with particular interest as they are expected to show an average increase of 1.8m barrels. Not only are distillate levels at a 24 year high, storage is also becoming a serious problem. It is this continuing lack of demand which will weigh on oil prices hence the pause on the oil chart. From a technical perspective daily yesterday’s candle was interesting for several reasons: first the session closed with a small hammer formation suggesting that we may see a temporary rally in crude oil prices in the next few days. Naturally for any longer term reversal we need to wait for this candle to be validated. Second, the open of Monday’s oil trading session was gapped up from Friday’s close, once again suggesting that the oil bulls were in the market looking to buy cheap, following the recent steep sell off which has seen oil prices dip below the $60.00 per barrel mark on three occasions. Finally, the low of the day found some support from the consolidation region created in mid May and with all these factors combining it is possible that we may see a bounce in the next few days. However, the big caveat to this technical analysis is the fundamental picture outlined above. Overall oil prices gained 6 cents on the day to settle at $60.06 per barrel.

The short term is sideways, medium bearish & long term sideways.

WTI:

Support: $58.32 (yesterday’s low) Resistance: $62.67 (high of 08/07/09)

Support: $57.80 (low of 12/05/09) Resistance: $61.66 (high of 09/07/09)

Support: $57.40 (low of 13/05/09) Resistance: $60.68 (yesterday’s high)

OIL (BRENT):

Support: $59.49 (yesterday’s low) Resistance: $63.13 (high of 08/07/09)

Support: $58.83 (low of 21/05/09) Resistance: $62.17 (high of 09/07/09)

Support: $58.41 (low of 26/05/09) Resistance: $61.59 (yesterday’s high)

Trading Sites

Archive for oil futures trading

Daily Oil Prices – Oil Price Chart 4th August 2009

Daily Oil Prices – Crude Oil Price Chart 17th July 2009

Daily Oil Prices – WTI Crude Oil Price Chart 16th July 2009

Daily Oil Prices – Crude Oil Price Chart WTI 15th July 2009

Daily Crude Oil Prices – WTI Oil Price Chart 14th July 2009

(c) Financial Times Limited – 2010

Prices oil pages