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Crude Oil Futures WTI (CL1!)

Bull Wedge in OilOil is tending to highs, forming a bull wedge pattern. The Kovach OBV has slumped a bit, suggesting a slight bear divergence. We are facing some resistance at $120, the upper bound of the wedge pattern. If we break out, we are set to hit $122, relative highs, and are clear to press higher after that. If we do retrace, then $116 should provide support, then there is a vacuum zone down to $113. While oil may continue the range between $116 and $120 for now, there is nothing fundamentally that leads us to believe we can expect lower prices any time soon.
NYMEX:CL1!Long
by quantguy
Oil Steadfast Near HighsOil remains at highs, after curbs on China Covid lockdowns have eased . Supply remains tight as OPEC is reluctant to increase oil production. Although they have agreed to boost production, which should help buffer skyrocketing costs per barrel, Saudi Arabian oil prices have continued to increase . We do appear to be seeing a bull wedge or triangle forming at highs which suggests that we may be mounting for another breakout. This would surely meet our next target of $122, and likely establish new relative highs for oil. If we retrace, we should find support at $116, then $113, and $111.
NYMEX:CL1!Long
by quantguy
Crude oil, Dow Jones, and Soybeans: Many things are currently driving the bullish Ag markets. Oil/energy are heavily weighted in providing this bullish enthusiasm. The supply and demand for Corn and beans will be directly and indirectly impacted by Oil/energy markets. Energy Markets have the potential to react hard and fast on diminishing economic data. A strong economy should keep Oil and Ag Markets elevated to potentially extremely high levels. A soft economy (using DJI as a gauge) moving into recessionary mode, will kill oil demand and take down Ag markets for some time as well (as it did in 08’). I don’t know for sure what to expect for our economy, sensitive and volatile ahead… 23’ Corn and Beans are in Pickle. Inputs are expected to rise considerably so naturally we want today’s Cash prices (or better) for a more expensive 23’ Crop. It’s hard to price something (23’ crop) that is $1-$3 below the current Cash Market. But when this drops, the markets won’t ask you for your costs of production before dropping… Don’t fall asleep on multiple crop years, especially if we see “Blow off Top” activity in Oil and old Crop Ag markets.
NYMEX:CL1!
by mtb1980
4
No Love at the PumpsOil has picked up, testing relative highs. We seem to be having trouble reestablishing the $120's, with $119 being the upper bound for now. The Kovach OBV has picked up, but does not seem sufficient to indicate a significant rally to hit relative highs at $122. In fact, we are looking a bit top heavy so anticipate a retracement back to support at $116, $113, or $111. Any retracement should be considered purely technical and we have no reason to believe that oil will give up the $100's any time soon. Our next target is $122 if momentum reignites.
NYMEX:CL1!Long
by quantguy
2
OIL 5th JUNE 2022The Organization of the Petroleum Exporting Countries and its allies (OPEC), agreed on Thursday to increase output by 648,000 barrels per day (bpd) per month in July and August instead of the previously agreed 432,000 bpd. OPEC decision to increase production targets slightly more than planned. As a result of that expectation, it will have little effect on tight global supply and by increasing demand as China loosens Covid restrictions. From the existing fundamental trend, the oil price tends to be bullish, it is possible that the price will breakout the resistance area. However, market participants still think the price of oil is too high, this can make the price rebound to the resistance area, and make the price will correct down. OIL 26th MAY 2022
TVC:USOIL
by DNP-FX
Oil ReboundsOil has pivoted from $111, smashing through $113, and hitting our target of $116. We are showing definite signs of strength as there really are not any fundamental factors that could indicate otherwise, however we do seem to be having issues reclaiming the high at $122. If we are able to break past $116 solidly, this is our next target. Otherwise expect support from $113, $111, and $108. The Kovach OBV has been somewhat oscillatory, so we anticipate levels to hold and the price action to range at current levels.
NYMEX:CL1!Long
by quantguy