Despite the opening of today’s trading day with the gap down (due to the fact that the OPEC+ teleconference was postponed to Thursday), during the Asian session, oil prices rose again. At the beginning of today’s European session, WTI crude oil traded near 27.00 mark. OPEC+ was expected to resume […]
Global Oil Demand Plummets, Threat To Storage Capacity
In the past two weeks, analysts have cut their global oil demand forecasts by a staggering 225%. Never in history has the world experienced such a massive reduction in global oil consumption. The situation in the world oil industry is changing so fast; the market hasn’t fully digested the tremendous […]
Two Leading Indicators For Crude Oil Point To Higher Prices
On Friday morning I created these charts on the price of crude oil, the energy sector stocks XLU, and also the Canadian dollar, which I think to paint a clear picture of what to expect for the price of crude this coming week. I always like to look at the […]
Gold Losing A Gear As Markets Are Losing Their Fear
Gold Scoreboard We’re of the long-running belief that everything — and then some — is all but instantaneously priced into major markets, or at least sufficiently so swiftly that ’tis nearly impossible for the human trader to take advantage, save for those having steely guts and deep enough pockets to […]
OPEC-Russia Alliance Pressured As Coronavirus Impact Hits Oil Prices
OPEC and OPEC+ oil ministers are preparing to convene on Mar. 5 and 6 in Vienna, despite the international coronavirus outbreak. The meeting was previously scheduled to address whether to continue with the 2.1 million bpd of production cuts that expire at the end of March. However, now that the […]
OPEC-Russia Alliance Pressured As Coronavirus Impact Hits Oil Prices
OPEC and OPEC+ oil ministers are preparing to convene on Mar. 5 and 6 in Vienna, despite the international coronavirus outbreak. The meeting was previously scheduled to address whether to continue with the 2.1 million bpd of production cuts that expire at the end of March. However, now that the […]
Gold Looks To Enter ‘Golden Saucer’
Federal Reserve’s emergency interest rate cut on Tuesday, looks like an acceptance as it was likely to reduce risks in the financial system and, as Fed Chair Jerome Powell claimed, provide a “meaningful boost” to the economy; but this looks evident enough to push gold in ‘Golden Saucer’ before weekly […]
WTI Crude Oil May Continue Uptrend
Wednesday forecast, March 4 Uptrend An uptrend will start as soon, as the pair rises above resistance level 48.15, which will be followed by moving up to resistance level 48.66 and if it keeps on moving up above that level, we may expect the pair to reach resistance level 49.30. […]