Commodities

Oil bears wake from hibernation as OPEC decision approaches – Commodity News

Posted on June 1, 2018 at 12:06 pm GMT

Recent developments have seen oil prices correct lower, amid speculation that major OPEC and non-OPEC producers may soon “open the taps” and raise production to offset supply losses from Iran and Venezuela. While the final decision will be taken at the June 22 OPEC meeting, prices are likely to move well ahead of that time on any comments from various OPEC officials, with other potential market-movers for oil relating to the US dollar, global trade risks, and geopolitical events. Oil [..]

Technical Analysis – WTI futures consolidating after aggressive bearish rally; bullish in medium term

Posted on May 30, 2018 at 12:55 pm GMT

West Texas Intermediate (WTI) futures are on course for the second day of gains, which have driven the price towards the upper boundary of the narrow range with a resistance level of 67.30 and support barrier of 65.75. The trading range has been standing since Monday while the oil dropped below the 67.30 hurdle and started a sideways move. The RSI is currently increasing positive momentum towards its neutral threshold of 50 after an exit from oversold levels, while the MACD is rising in the negative [..]

Technical Analysis – Gas oil futures hit all-time high; bullish in short and medium-term

Posted on May 25, 2018 at 1:59 pm GMT

London gas oil futures for June delivery (GSOIL) have been running inside an ascending channel since mid-February, touching an all-time high of 704.13 on May 17. While the rally has stalled since then, with the price set to close at 10-day lows today, the market continues to hold far above the Ichimoku cloud and its moving averages, which are positively sloped, signaling that upward pattern is not near to end. Momentum, though, could weaken should the RSI continue to head [..]

Gold spikes higher: Dead cat bounce, or more upside in store? – Commodity News

Posted on May 25, 2018 at 1:28 pm GMT

Gold prices are practically flat in 2018, as concerns around geopolitics and trade that would typically boost demand for the precious metal have been counterbalanced by a resurgent US dollar. While more dollar strength may keep gold under some pressure in the near-term, it would not be surprising to see the metal come back in fashion later on, in case geopolitical tensions or the “trade war” escalate. Price action in gold has been a tale of two narratives this year. [..]

Technical Analysis – WTI futures stand near multi-year high of 72.70; strong bullish mode

Posted on May 22, 2018 at 8:12 am GMT

West Texas Intermediate (WTI) crude oil futures are edging higher, recording a new multi-year high of 72.70 during Tuesday’s early European session. The price jumped above the previous peak of 72.30 and the short-term technical indicators are endorsing the bullish scenario. From the technical point of view, the MACD oscillator climbed above its trigger line and is rising with strong momentum, while the ROC oscillator stands above the neutral area and is sloping to the upside. Moreover, the 20- and [..]

Technical Analysis – Gold posts new trough near 1282; bearish in short and medium-term

Posted on May 21, 2018 at 8:24 am GMT

Gold is on course to post a strong trading day of losses, which have taken the price towards a fresh five-month low of 1281.96. The sharp sell-off, especially in the past week, has shifted the near-term bias from neutral to negative. The momentum indicators are supportive of the bearish picture in the 4-hour chart. The RSI is currently increasing negative momentum towards its 30 level and is approaching the oversold level, while the MACD oscillator is moving lower below the [..]

Technical Analysis – WTI futures ease below 3½-year high; capped by 20-SMA

Posted on May 15, 2018 at 8:17 am GMT

West Texas Intermediate (WTI) crude oil futures have eased after the pullback on the fresh three-and-a-half-year high of 71.85 reached last Thursday. The price is being capped by the 20-simple moving average (SMA) but remains above the 40-SMA in the 4-hour chart. Short-term technical indicators are endorsing the scenario for a potential bearish retracement. Looking at momentum indicators, the RSI stands slightly above the 50 level with weak momentum, while the MACD oscillator is flattening in the positive territory below its trigger line, suggesting [..]

What’s next for oil prices? – Commodity News

Posted on May 11, 2018 at 1:28 pm GMT

Following the US decision to unilaterally withdraw from the Iran nuclear deal, a cloud of uncertainty is hanging over oil markets, with traders scrambling to figure out to what extent this will impact oil prices. In this respect, price action in oil may depend mainly on whether Iran and the US begin new negotiations, whether other major producers raise their own supply to “fill the gap” left by Iran, and on how the geopolitical situation plays out in the Middle [..]

Technical Analysis – Brent crude oil futures erase some gains in the near-term after they touch 3-year high of 77.94

Posted on May 10, 2018 at 12:24 pm GMT

Brent crude oil has retreated over the last few hours after a sharp bullish rally in the past five days. On Thursday, the price posted a fresh more than three-year high of 77.94 and currently is paring some of its gains. However, the short-term technical indicators are bearish and point to more weakness in the market. Looking at the 4-hour chart, oil prices are still developing above the 20- and 40-simple moving averages (SMAs) and are still pointing up. Meanwhile, the RSI indicator bounced off the overbought level and [..]

Oil markets brace for Trump’s decision on Iran – Commodity News

Posted on May 8, 2018 at 10:11 am GMT

US President Trump will announce today at 1800 GMT whether the US will withdraw from the Iran nuclear deal. Oil prices have been surging in recent weeks, on speculation that Iran may soon be faced with fresh sanctions on its exports, which would likely lead to lower oil supply. While an official withdrawal by the US today could push prices even higher, its crucial to note that most of this story may be priced in already, which also leaves prices [..]

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