Since the eruption of the war between Hamas and Israel in early October 2023, we have been occasionally reporting on some of the developments in the oil-rich region. In one of the more recent articles, we outlined how Israel’s deadly airstrike against Iranian generals in Damascus, Syria, was likely to provoke retaliation from Iran and its proxies. On Saturday,...
Defying our expectations, the West Texas Intermediate crude oil rose above $75 and began to form a rectangle pattern between $76.16 and $79.25 (following a breakdown of negotiations between Israel and Hamas). Currently, the USOIL is trading near the lower bound of this range, which also coincides with the 20-day SMA that acts as an alternative support level. On...
The American Petroleum Institute's latest report indicates a significant draw in U.S. oil inventories – a larger-than-expected decrease of 5.2 million barrels. But what does this mean for the market? This drop in inventories typically signals a tightening supply, which, in theory, should push oil prices up. However, the data also showed an increase in gasoline...
In mid-December 2023, we witnessed major shipping companies announce a halt to transit through the Red Sea. Then, with the launch of Operation Prosperity Guardian, we saw the same companies start reversing their decisions, only to again pause shipping quickly after the resumption (thanks to more attacks from Houthi rebels targeting Maersk ships). As such, the past...
Since the breakout of the Israel-Hamas War on 7th October 2023, there has been an increasing number of attacks on military and transport ships sailing through the Red Sea, with Houthi rebels from Yemen standing behind many of these incidents. About a week ago, the group went as far as to announce the blockade on ships traveling to and from Israel through the Red...
Previously at FxProfessor: ✔️Perfect Long: ✔️Perfect Short: News: Oil continues to tumble after previous session's slide Here's the scoop: 📉 Prices took a tumble, with Brent crude down $1.19 to $84.62 a barrel and WTI crude dropping $1.31 to $82.91. Ouch! 📉 Yesterday, we saw a massive $5 drop, the biggest in over a year. The reason? A gloomier economic...
Hello There! Welcome to my new analysis of OIL. Within the recent high inflation development with continued rate hikes in a lot of economic fields, it has to be mentioned that OIL could be on the brink of major market disruptions especially when the rate hikes continue to rise further together with the DXY printing the next new highs. In this case, I have...
Hello There! Welcome to my new analysis about CVX on several timeframe perspectives. The oil market since the corona pandemic supply-shock dynamics has formed a important dynamic and had the ability to form a major rebound recovery with several new highs being formed and CVX having the ability to bounce into a new all-time-high. Now a big part of the dynamic is...
looking for a deeper correction by 2024 , then new record highs .
Despite OPEC cutting its output by an estimated 60 000 barrels per day in January 2023, the price of West Texas Intermediate oil dropped more than 10% from its high of $82.60. This price action follows a series of wild swings within the wide range between $70 and $83. We expect high volatility in the oil market to persist in the first quarter of 2023. Indeed, we...
On 8th November 2022, shares of Exxon Mobil reached a high of 114.66$, marking over a 280% increase since their lows in March 2020. The company has enjoyed this two-year lasting rally thanks to the growing prices of oil, which translated into growing corporate earnings during this period. However, with oil prices peaking in the first half of 2022 and worsening...
On 7th November 2022, USOIL broke above the short-term resistance at 93.61$ and peaked at 93.73$. However, a few hours later, the breakout became invalidated, and the price started to drift lower. For the subsequent ten trading sessions, the price kept declining approximately 16% to a low of 77.24$ on the last Friday; before closing at 80.14$ that same day. In...
Previously, we stated that we wanted to avoid setting a price target for the short-term and medium-term because of high volatility and rumors (then actions) affecting OPEC's supply. Instead, we said that we would focus on our long-term price target of 70 USD. Since then, the price of WTI oil had fallen approximately 4% before erasing some losses. Today, we are...
Price has flipped many times in the past at this price. Price is extended to the upside. Momentum has been diverging for the last 8 months. OPEC+ has reaffirmed their stance to increase production. Saudi Arabia and other countries production hasn't even been turned back on yet so they can increase it even more if need be. Global demand and consumer demand is...
The chart pattern may give a clue for which way the Medium Trend may go?
Recently, the oil market follow the general run of risk sentiment. However, oil markets are still weaker this morning despite the rebound in risk sentiment. The last main story in oil markets was the news over the weekend of the discovery of new oil reserves by Iran. They were reported to have discovered an oil field containing the equivalent of 53bn barrels of...
If you look at the dynamics of the Dollar Index yield at the beginning of the month, you might note that the maximum number of sales were on January, March, April, May, June, August, September and October. In general, it’s time to form a trading strategy: we are waiting for the beginning of the month and at around 3rd of October we are selling the dollar. With a...
An overview of a short trade I engaged in using OILD back in April and May, capturing a portion of OILD's 110% increase alongside USOIL's 25% decrease. In addition I talk about the long-term perspective of US Crude Oil.