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Brentoil

Oil Futures Settle Lower On Demand WorriesDespite concerns about a potential recession, oil prices were still around $114 a barrel today as supply concerns outweighed concerns about a potential decline in demand. In the latest developments, workers in Norway went on strike, which is expected to cut the country's oil production by around 130,000 barrels a day. Despite the global economic recovery, oil prices are still up more than 50% this year as the conflict in Ukraine and the lack of supply from other producers such as Russia have raised concerns about the supply of oil. OPEC+ has also been struggling to boost its production due to various factors. In addition, the Federal Reserve's aggressive monetary policy has also triggered a sell-off in commodities. Investors are also closely monitoring the situation in China, where the country is still experiencing sporadic outbreaks of the virus.
TVC:UKOIL
by bbitar
Brent & Natural Gas PricesBrent Crude is around $111.36, as investors grew concerned about a potential global recession and the tight supply of crude. Data from the Organization of the Petroleum Exporting OPEC Countries showed that its output fell by about 100,000 barrels per day in June. Libya's oil exports have dropped to between 365 and 409 thousand barrels per day, which is about 865 thousand barrels below the level that was normal. Also, a planned strike in Norway will reduce the country's oil production by about 130 thousand barrels per day. Despite the recent rise in oil prices, the market is still expected to remain weak in the coming months due to the global economy and the lack of supply. Natural gas prices in Europe started July at around 150, which is a level not seen since early March. The rising prices are expected to continue due to the tight supply of gas. A strike by workers in Norway this week is also expected to reduce the country's gas output by around 292,000 barrels per day. This could threaten the European Union's efforts to increase its storage capacity. Due to the reduction in Russian gas flows through the Nord Stream pipeline, Germany, which is the EU's largest economy, has enacted the second phase of its emergency gas plan. It involves increasing the monitoring of the market and the restart of coal-fired power plants.
TVC:UKOIL
by bbitar
US Oil Battles With 2011 HighThe price of US Oil has not consistently traded above the May 2011 high at $114.79 since the high was formed as price has not remained above this level. Price did move above this resistance in March, May, and June, but the sellers forced price back down again. We have a major support level below price in the form of the $100 round number, which may prevent price from declining further. So far this month, the candle is bullish, but this could change as we are only a few days into the month. If the buyers can gather enough momentum, we should see another attempt above resistance. There is nothing to do now except wait for a clear trend direction to form. Trying to go long now could see your position close out for a loss if price reverses sharply at resistance again. If you like enjoyed this post, make sure to like, and follow for more quality content! If you have any questions or comments, comment below. We reply to every comment! See below for more information on our trading techniques. As always, keep it simple, keep it Sublime.
TVC:USOIL
by Sublime_Trading
Caps on russian oil is likely to come Insider: G-7 talks with India and China on oil price brake positive G-7 talks with India and China on a plan to cap the price of Russian oil have been positive, according to an insider. The two buyer nations have incentives to comply, a person familiar with the discussions says. A cap on the price has not yet been set, he said. However, it would have to be high enough for Russia to continue producing anyway. Currently, Russian oil sells at discounts of between $30 and $40 per barrel (159 liters) compared to market prices of up to $120 per barrel. Source: Welt Zeitung What impact would the price cap have on prices in Germany and the other G7 countries? In the ideal case, oil prices would fall; in the less good case, at least they would not rise any further. However, precise forecasts are difficult to make. The petroleum industry association Fuels und Energie already explained in the discussion about the EU oil embargo that market and price developments depend on many factors, including the dollar exchange rate and decisions by the major producing countries. Source: n-tv Opinion: I see the price cooling down slowly rather than continuing to climb, probably going towards 70$ in the next 6-10 months. To force russia to sell all its oil below market price, will make most countries of the world (which are not part of G7) to buy it off for a small price, leading to an overall relaxation of the oil market price. Also OPEC is ramping up efforts to increase output for the next months! This is not an investment advise! Do your own research! This is NOT a recommendation to buy or sell oil shares and this is NOT a recommendation to short or to long oil!
TVC:UKOILShort
by Lobotto
1
XAUUSD 4H TA Result : +100 Pips ✅Just compare 2 previous analyzes of #Gold in the 4-hour timeframe , you will see how the price reacted to the level (OB+) and increased more than 100 Pips , that was so fast, the main reaction in the one-minute timeframe is more clear! ⚠️ This Analysis will be updated ... 👤 Arman Shaban : @ArmanShabanTrading 📅 06.24.2022 ⚠️(DYOR) ❤️ If you apperciate my work , Please like and comment , It Keeps me motivated to do better ❤️
OANDA:XAUUSD
by ArmanShabanTrading
5
Brent: Knock, Knock!After it has knocked at the resistance line at $112.43 already twice, we expect Brent to rise above this mark and into the white zone between $113.88 and $123.14 to finish wave (2) in white. Afterwards, Brent should fall below the support lines at $104.67 and $97.56. There is a 28% chance, though, that Brent could soar through the white zone and climb above the resistance at $123.71 until the bottom of the pink zone between $133.80 and $137.40 first before moving downwards.
TVC:UKOIL
by MarketIntel
ExxonMobil Shooting Star PatternThe weekly candles for the oil and gas company, ExxonMobil, look quite bearish. This could be the start of a major decline. There is a shooting star pattern forming on the weekly chart, while the oscillators are trending down and while the daily EMA exp ribbon and daily trend lines breaking down. Although anything can happen, it is looking like a major bearish reversal is occurring. It's sad that just last week all the "expert analysts" at CNBC were making strong bullish calls about energy stocks, citing "free cash flow" and numerous other reasons to buy them, all the while the charts are showing a topping pattern in energy and commodities. This is usually when tops form - when there is no bearish sentiment among anyone, and when strong hands are selling to weak hands. At least charts do not lie, and thanks to @TradingView anyone can access them alongside a plethora of crowd-sourced scripts and indicators.
NYSE:XOMShort
by SpyMasterTrades
OIL WONT BE COMING DOWN ANYTIME SOONThe war in Ukraine caused a chain reaction in lifting energy and commodity prices, following the decision of the West to reduce and eventually ban Russian imports of crude oil, natural gas, coal and a number of other raw materials. As a result of this, there continues to be a shortage in oil supply in the global markets. The fact that there is underinvestment in this sector and falling inventories continue to allude to a tighter market in general. Throw in the fact that Russia supplies are being phased out with little to no immediate substitutes, the tighter market outlook is going to stay for longer. The capacity shortage and the fact that OPEC+ is also not doing much more than they are now isn't going to help alleviate sentiment on that front either. Significantly higher prices of energy and raw materials caused a rise in prices of final products that contributed to the second cause of rising inflation – cost-push inflation, while the strong rise in prices, accompanied by persisting supply disruptions, resulted in the shortage of products that pushed their prices higher and pointed to the third cause of strong prices growth – demand-pull inflation. This sparked a rise in food prices, electricity and many other essential items that contributed to the enormous increase in the cost of living, further pressuring households and businesses. The West is working with Venezuela and Iran to bring back their oil to the global markets to boost supply but after Iran turned off 27 cameras of the International Atomic Bomb Agency, which monitors compliance of uranium-rich countries to a peaceful application of nuclear energy to promote peace, health and prosperity, it looks unlikely that a deal with Iran will be reached soon. Barclays, Goldman Sachs, Citibank and other major banks forecast that oil will likely break its all-time high price of $127 per barrel on 8th March, 2022 and rise towards $135 per barrel. So brace yourselves folks as we ride this oil roller coaster.
FXOPEN:XTIUSDLong
by Joshua_Naabu
Brent: GlueyBrent is currently glued to the resistance at $114.74, where it has finished wave b in blue. However, we expect it to let go of this mark soon to fall into the turquoise zone between $101.67 and $99.83. There, it should complete wave a in turquoise and move back above $104.67 afterwards to finish wave b in turquoise. After that is settled, Brent should gradually fall below the support lines at $104.67, $97.56 and $93.57. There is a 40% chance, though, that Brent could climb above $114.74 and make a detour through the green zone between $117.78 and $133.52 first before moving downwards.
TVC:UKOIL
by MarketIntel
2
Geopolitics Current Dictate Brent Crude Oil Price PredictionsCrude oil prices are still trading lower on the day, despite a shortfall in US crude oil stocks this Wednesday. Brent crude oil price predictions remain unchanged from the bearish stance after the Energy Information Administration said that US crude oil inventories fell by 3.4 million barrels in the week ended 13 May 2022. This was a steep drop from the surplus of 8.5m barrels seen a week earlier and was also a sharper-than-expected drop from the 2.5m barrels surplus predicted by analysts. Geopolitics remains the driving force behind Brent crude oil price predictions this Wednesday. As Commerzbank analysts noted in their investment reports, the shelving of any proposed ban on Russian oil imports by the EU has proven to be a much more powerful overriding force than reports of China’s easing of lockdowns and potential demand recovery. Reports that the US is considering easing sanctions on Venezuela is also pressurizing oil prices. Crude Inventory Data Shows Draw of 3.4 Million Barrels Last Week Summary of Weekly Petroleum Data for the week ending May 13, 2022 U.S. crude oil refinery inputs averaged 15.9 million barrels per day during the week ending May 13, 2022 which was 239,000 barrels per day more than the previous week’s average. Refineries operated at 91.8% of their operable capacity last week. Gasoline production decreased last week, averaging 9.6 million barrels per day. Distillate fuel production decreased last week, averaging 4.9 million barrels per day. U.S. crude oil imports averaged 6.6 million barrels per day last week, up by 299,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 4.7% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 876,000 barrels per day, and distillate fuel imports averaged 114,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.4 million barrels from the previous week. At 420.8 million barrels, U.S. crude oil inventories are about 14% below the five year average for this time of year. Total motor gasoline inventories decreased by 4.8 million barrels last week and are about 8% below the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week. Distillate fuel inventories increased by 1.2 million barrels last week and are about 22% below the five year average for this time of year. Propane/propylene inventories increased by 0.3 million barrels last week and are about 10% below the five year average for this time of year. Total commercial petroleum inventories decreased last week by 2.9 million barrels last week. Total products supplied over the last four-week period averaged 19.5 million barrels a day, up by 1.7% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, down by 1.2% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 6.7% from the same period last year. Jet fuel product supplied was up 28.6% compared with the same four-week period last year. The 2.31% drop in Brent crude this Wednesday follows Tuesday’s 1.03% fall. A stronger dollar is also putting the brakes on commodity prices. Brent crude is approaching a key support at $109.58. How will this affect Brent crude oil price predictions as we advance? Brent Crude Oil Price Prediction Wednesday’s decline has made the 109.58 support vulnerable. A breakdown of this support allows the bears to aim for the 106.11 support (9 March and 12 May lows). If there is further price deterioration, the 97.40 support level (28 February and 16 March lows) comes into the picture. If the decline continues unabated, additional support is seen at 91.32 (11/17 February lows). On the flip side, a bounce on 109.58 allows for a retest of the 114.03 resistance (5/16 May highs). The 24 March high at 123.61 re-enters the picture if the bulls uncap the 114.03 resistance. The bulls’ additional harvest points reside at 131.86 (9 March high) and at 138.10 (7 March high). Brent Crude Oil Price Prediction: Stuck At A Crucial Support Brent crude oil price has fallen to an important support as investors focus on the ongoing lockdown in China and OPEC+ intrigues. The benchmark is trading at $104.83, which is significantly lower than its year-to-date high of $138.10. Meanwhile, the West Texas Intermediate (WTI) has moved to $102.15, which is also lower than this year’s high of $129.50. So, what next for oil prices? There are several catalysts moving crude oil prices. First, there is the ongoing debate in Europe about banning Russian crude oil. While most countries are supportive of the measure, some like Hungary and Czech Republic have warned about the impacts to their economies. A complete ban would have a significant impact on oil markets since Europe buys most of the Russian oil. However, analysts believe that Russia would find other buyers like China and India. Oil prices are also reacting to the latest figures from OPEC. Official data showed that OPEC production rose by 70,000 barrels per day. Oil production in Russia declined by 900k barrels per day as the country produced 9.4 million barrels per day. In its quota, the country is required to produce 10.44 million barrels.As a result, according to S&P, the spread between OPEC+ production and quotas rose to a record high. Other OPEC countries are also facing challenges with production. For example, in Libya, factions blockaded key ports and oil fields. Nigeria is also seeing significant logistics issues while Kazakhstan’s output fell by 220k barrels per day. Crude oil price prediction Crude oil has been a bit volatile in the past few weeks. On the daily chart, the price remains slightly above the ascending trendline that is shown in green. This is a sign that sellers are getting a bit afraid of moving below the support at $100. Oil is also between the lower and middle line of the Bollinger Bands. The True Strength Indicator has moved to the neutral point. Therefore, there is a possibility that the crude oil price will remain in this range for a while. Besides, it has formed a triangle pattern, which is not close to its confluence level, The key support and resistance to watch will be at $100 and $110. Brent Crude Oil Price Prediction: Geopolitics And China Dictate Prices Bullish Brent crude oil price predictions have hit the market after Germany dropped its opposition to an embargo on Russian oil imports. The crude oil benchmark rose 2.06% on Thursday as a result, as the move paves the way for a potential vote to embargo Russian oil, cutting off a significant chunk of supply from the market. Reports say that Germany will no longer oppose an EU resolution to ban the importation of Russian oil and energy products. However, any embargoes remain some way off, as the German statement only reflects Berlin’s public wishes to wean itself off Russian oil. While the news put Brent crude on bid, the upside move was limited as lockdowns in Shanghai continue to cut demand for crude oil. Plans to start mass testing in Beijing and other cities across China may spark new lockdown fears, leading to a further reduction in demand from the world’s largest crude oil importer. Demand from China is already said to be down by 1 million barrels per day. A slight increase in crude oil stocks also limits the rise in oil prices. The latest consignment of the Energy Information Administration’s weekly report indicates that inventories rose by 691,000 barrels in the week under focus, up from a shortfall of 8 million barrels recorded previously. The rapidly evolving situation on the geopolitical front keeps Brent crude oil price predictions on the volatile side. Brent Crude Oil Price Outlook The active daily candle has breached the 106.11 resistance (9 March low, 1 April high) by the required 3% closing penetration above this barrier. This confirms the breakout and opens the door for the bulls to challenge the resistance at 109.58. The trendline that connects the price peaks from early March to date add another resistance layer. If the bulls uncap this barrier, the door swings open for a push towards 114.03 (11 March and 19 April highs). Above this level, 123.61 (24 March high) forms an additional barrier to the north, with the 120.00 psychological price area forming a potential pitstop. This outlook would invalidate the evolving descending triangle. On the other hand, rejection at 109.58 retains the integrity of the triangle, with the potential for a downside move that targets 106.11 initially. 103.11 (27 April low) is another pivot waiting in the wings if the bulls fail to support the 106.11 support. The 97.40 price mark (28 February and 16 March lows) forms the triangle’s lower border. The descending triangle’s expected outcome is fulfilled if the bears take this border out. This scenario also clears the pathway to a measured move that targets 80.22 (5 November 2021 and 6 January 2022 lows). Before then, additional downside barriers are seen at 91.32 (11 February low), 86.72 (25 January low) and 85.32 (10 November 2021 high and 24 January 2022 low).
OANDA:BCOUSDShort
by DaveBrascoFX