TAG: EIA
Brent Crude – Oil gives back gains after inventory data
EIA reported inventories rose by 12 million barrels last week Volatility remains amid uncertainty Inverse head and shoulders forms Oil prices remain very volatile and last week’s unexpected and substantial inventory build, reported by EIA, further added...
7 months ago
Week Ahead: Oil primed for more upside?
Crude ↑ over 15% in Q1 Oil could kick off Q2 with bang OPEC+ JMMC meeting, EIA data & NFP in focus Prices bullish on D1 & W1 timeframe Key level of interest at $83 Despite the holiday shortened week ahead for UK and European markets, the seco...
6 months ago
Crude At Key Level Ahead of EIA Data
Crude Caught in BetweenOil prices continue to battle it out around the 82.59 level. Following a correction lower over the last two weeks, price has been attempting to get back above the level in recent sessions. Volatility around developments in the Middl...
5 months ago
Oil Sell-Off Stalls Ahead of EIA Data
Oil Holding At Support… For NowOil prices are seeing some relief today with crude futures trading a little higher off the week’s lows. Some shift in tone from the BOJ has seen JPY pulling back from recent highs which has helped improve risk appetite somew...
2 months ago
Crude Rallies on EIA Data & Middle East Fears
Fresh EIA Draw Boost OilCrude oil prices spiked higher yesterday after news of a larger-than-forecast inventories drawdown, as recorded by the EIA. Falling by a further 3.7 million barrels, US crude stores are now down at their lowest levels since Februa...
2 months ago
Crude Rally Fading Sharply As Demand Concerns Hit
Crude Under PressureFollowing a solid rally at the start of the week, oil prices have run into heavy selling interest over the week. Crude futures are down around 6% from the week’s highs as demand concerns resurface. At the start of the week, crude price...
2 months ago
Oil Heavily Sold Despite USD Weakness
Crude Under PressureOil prices have been under heavy selling pressure over the last week with crude futures reversing sharply from highs around the $80 mark. Price is now testing the 72.61 level support, a roughly 9% decline. The move lower comes despite...
1 month ago
Oil Recovering Following EIA Drawdown Data
Crude Fighting BackFollowing heavy selling across the start of the week, oil prices have since stabilised and are now starting to recover. Crude futures found support into the 72.61 level with the market since gaining around 2.5% of the week’s lows. The l...
1 month ago
Crude Breaks Key Support Level
Crude Fall DeepensOil prices remain under pressure this week with crude futures falling to their lowest level since December 2023. The move comes despite ongoing weakness in the US Dollar and reflects a refocusing of the market’s attention on US recession...
1 month ago
Crude Stabilises Following Fresh Drop Lower - EIA Up Next
OPEC Cuts Demand Forecasts on China OutlookOil prices are looking tentatively more stable today following a sharp drop yesterday. Crude futures sank to their lowest level since May 2023 as concerns over the Chinese demand outlook moved back into focus on...
1 month ago
Brent: Bulls fight back ahead of US CPI data
Brent ↓ 8% month-to-date US CPI & EIA report could spark volatility Over past year US CPI triggered of ↑ 0.7% & ↓ 1.1% Prices heavily bearish but RSI oversold Key technical level - $70 In case you missed it, oil tumbled over 4% yesterday after...
1 month ago
Crude Reverses Lower on Supply Concerns
China Boost FadesCrude oil prices have sunk lower in recent sessions, reversing from the weekly highs and the latest test of the all-important 72.61 level. The reversal comes despite the EIA reporting a larger-than-forecast inventories drawdown on Wednesd...
2 weeks ago
Brent: Slips into Q4 on supply fears
Brent ↓17% in Q3 OPEC+ JMMC, EIA & NFP in focus Over past year US NFP triggered ↑ 0.4% & ↓ 1.9% Key level of interest - $70.80 The past few months have been rough and rocky for oil benchmarks. Crude and Brent shed over 16% in Q3 due to expecta...
2 weeks ago