Thread: Oil analysis

Nymex Crude Oil prices slipped back on Friday, with the decline partly led by today's expiry of the February Brent contract and a rather less enthusiastic response to Italian debt auctions in Europe. The S&P downgrades of 9 European states then also weighed heavily on risk sentiment with equities battered lower, dragging Crude Oil prices down with it. The contract opened on Friday at $99.23 pushing up to $100.18 in Europe, before being sold off to $97.69. A late recovery saw the contract close around $99.10. Asian markets this morning have seen trading conditions light with the US Martin Luther King holiday, trading a subdued $98.60-99.02 range. Support today is seen at $97.69 and $95.69 with resistance at $100.18 and $100.80. Read more Stock Market News

CRUDE OIL confirmed a session of consolidation finding still good resistance above 100. The closing was negative!! The indicators of the daily chart are however still negative and now pointing toward lower levels. Those of the s/t ones are also negative this morning supporting lower levels. While below the 200 hours line, today at 99,84, we have to expect another test on the downside with the s/t target still!! Only a move above 101,40 will abort this scenery!! We prefer still avoiding a position for the moment while waiting for stronger signals.
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Nymex crude prices picked up yesterday on a combination of the possibility that the Fed may buy bonds, optimism on the Greek PSI deal finally being sealed, and a smaller than expected build in crude oil inventories reported by the EIA. The April WTI contract has been steadily firming in Asia this morning from $105.90 to $106.47 after trading a NY range of $104.35-106.55 and closing last night at $106.16. The EIA reported a meagre 832,000 barrel build after the API on Tuesday reported a 4.6 mmbl build, which stirred the bulls back into action despite some overall demand decay. Barclays Capital report that shipments from the Persian Gulf nations have dropped by some 300,000 a day which has led Ice Brent crude higher and widened the premium over WTI to just under $18, as US lawmakers also ponder new sanctions via insurance against Iran. Ice Brent is trading higher this morning from $123.77 to $124.32 in recent trade. WTI support is at 105.50 and $104.67, resistance at $106.75 and $107.65. Brent support is at $123.52 and $122.80 with resistance at $124.66 and $125.44. Read more Easy Forex News

Nymex crude prices are holding firm in Asia this morning ahead of the outcome of the Greek PSI take up and US non-farm payroll data this afternoon. Yesterday saw prices pick up with optimism over Greece as talk that as much as 95% of bondholders will sign up to the debt swap. April WTI opened this morning at $106.58, after trading a $105.84-107.20 range yesterday, and has since pushed higher to $107.30 from earlier lows of $106.55. Prices are also holding firm on the back of equities and gold which both put in reasonable rallies yesterday and continue to hold gains this morning. Ice Brent is also firming in Asia this morning up to $125.83 from $125.27. WTI support today is now seen at $105.84 and $105.09 with resistance at $108.07 and $109.56. ICE Brent for April delivery has support at $124.77 and $124.11 with resistance up at $126.34 and $126.77. Read more Easy Forex News

Originally Posted by Tint

Nymex crude prices are holding firm in Asia this morning ahead of the outcome of the Greek PSI take up and US non-farm payroll data this afternoon. Yesterday saw prices pick up with optimism over Greece as talk that as much as 95% of bondholders will sign up to the debt swap. April WTI opened this morning at $106.58, after trading a $105.84-107.20 range yesterday, and has since pushed higher to $107.30 from earlier lows of $106.55. Prices are also holding firm on the back of equities and gold which both put in reasonable rallies yesterday and continue to hold gains this morning. Ice Brent is also firming in Asia this morning up to $125.83 from $125.27. WTI support today is now seen at $105.84 and $105.09 with resistance at $108.07 and $109.56. ICE Brent for April delivery has support at $124.77 and $124.11 with resistance up at $126.34 and $126.77. Read more Easy Forex News

Hi,Tint. I'm a new fresh here. your information is helpful to me. thanks!

April Nymex crude prices lost ground yesterday but have picked up in Asia this morning with the WTI contract rising from $106.48 to $107.06, before slipping to $106.74 as equities curbed earlier gains and the BOJ announced a hold on rates and no increase in the Y65 trln QE program. Yesterday saw oil trade in tandem with risk, falling to $105.36 from $107.48 in Europe, before equities bounced, US retail sales rose in February, and EU's Juncker announced late in the day that EU FinMins had endorsed the Greek bailout package. The WTI April contract then staged a recovery to $106.48. This evening sees the weekly API crude inventory report with analysts expecting a build of around 2 million barrels in stocks on the latest week. Despite ever present Middle East tensions which have recently underpinned prices, some Arab oil ministers feel that prices are currently too high and $100 a barrel would be a more appropriate level. Today's support is seen towards $105.36 and $104.33 with resistance at $107.47 and $108.20 Read more Easy Forex News

Nymex crude prices are steady in Asia this morning in a $106.30-89 range after a mixed day yesterday in NY. The contract traded a $105.67-107.35 range but managing to post a small gain into the close at $106.71 from opening levels of $106.55. The lows were seen on the back of broad based dollar strength following improved retails sales, but a late equity rally lifted the April contract back up. Last nights API report suggested a weekly build of 2.78 million barrel build in crude inventories which was above analysts expectations of around 1.6mmbls, and the build was largely made up of 2.53mmbl increase in stocks at the Cushing Hub. Traders will now be waiting on the more definitive EIA data this afternoon at 1530GMT for confirmation. The April WTI contract is currently trading around the lower end of the Asia range and support is seen at $106.07 ahead of $105.20. Resistance is noted up at $107.56 and $108.22. ICE Brent for April delivery is sitting around $125.85, with support there seen at $124.89 and $124.42. Resistance is up at $126.25 and $126.92. Read more Easy Forex News

Nymex crude prices are firming this morning in Asia having hit one week lows in NY of $105.12. The weekly EIA inventory release yesterday showed a build in crude stocks of 1.75 million barrels which was roughly inline with analyst expectations and brought total crude storage to around 347 million barrels. Asian markets this morning have seen a steady rise from $105.45 to $105.88 seen on the back of an increase in demand as better US data points to a healthier US economy. Traders will be focussing on the US data this afternoon, particularly the weekly jobless claims and Empire state manufacturing index at 1230GMT. The April WTI contract currently trades around $105.65 and support today is seen at $104.84 and $104.05. Initial resistance is seen up at $106.07 and $106.81 ahead of yesterday's highs of $107.02. May Ice Brent is trading around $124.25 with support seen at $123.68 and $123.33, resistance coming in at $125.24 and $125,85. Read more Easy Forex News

April Nymex WTI crude prices have been consolidating around $105.50 in Asia this morning as the market seeks fresh direction. Yesterday's trading was a mixed bag with the contract constrained between $105.00 and $106.15 in Europe but then collapsed to $103.78 on talk that the US and UK had agreed to release some strategic reserves. This was later denied by the Obama administration and WTI jumped back to close around $105.30 last night. The April Brent contract rolled off the boards yesterday which also may have had some bearing on the sharp price action. With attention now switching to the May contract, WTI is currently trading around $106.00 in Asia and support today is seen at $104.88 and $104.29. Resistance is at $106.43 and $107.01. May Ice Brent is currently trading around $123.10 with support seen at $122.09 and $121.32. Resistance is at $123.88 and $125.17. Read more Easy Forex News

Nymex crude prices for May delivery are holding firm in Asia this morning in consolidation of Friday's sharp rally provoked by poor US CPI data and some profit taking as the dollar took a beating into the close. The move was also heightened by traders seeing high fuel demand as Saudi Arabian crude output rises. The contract has been trading a tight $107.63-97 range this morning after a strong surge on Friday from $105.65 to $107.85. May WTI currently has support at $106.75 and $106.15 with resistance at $108.38 and $109.00. Latest CFTC shows money managers increasing net longs by just under 2% with producers increasing net shorts by around 0.75%. May ICE Brent has been trading around $126.00 in Asia this morning after a sharp move up on Friday from $122.45 to $126.16. Today's support now coming in at $125.28 and $124.39 with resistance at $126.25 and $127.23. Read more Easy Forex News