WTI

Technical Analysis – WTI futures rises near 19-week high

Posted on July 22, 2020 at 12:18 pm GMT

WTI futures are advancing towards a fresh 19-week high of 42.27 today, experiencing a new bullish rally after the neutral mode of the previous sessions. The RSI is extending its upside move towards the overbought territory, while the MACD is strengthening its upside momentum above its trigger and zero line in the 4-hour chart. If prices continue to head higher, resistance should come from the 43.60 level, taken from the inside swing low on March 2 ahead of the 200-period [..]

Technical Analysis – WTI futures double bottom pattern completed to the upside; bullish bias

Posted on May 5, 2020 at 7:02 am GMT

WTI crude oil futures have advanced considerably over the last five days, finding a top today near the 200-period simple moving average (SMA) after the completion of a double bottom pattern in the 4-hour chart. Also, the commodity is creating a new two-week high near 22.24 and the bullish action is confirmed from the bullish crossover within the 20- and 40-period SMAs. From the technical viewpoint, the RSI indicator is approaching the 70 level with weak momentum, while the stochastic [..]

Oil drowns in a flood of supply, no lifejacket for now – Special Report

Posted on April 24, 2020 at 12:46 pm GMT

Oil prices traded negative for the first time ever this week, as physical space to store the liquid has almost run out amidst an oversupply of epic proportions. In the near term, there’s little that can save oil prices, and we might even see a repeat of the oil-crash movie in mid-May as storage space runs out entirely. That said, if and when storage room runs out, that could also be the point of ‘peak oversupply’ and perhaps the bottom [..]

Daily Market Comment – Drug disappointment burns stocks; Euro crumbles

Posted on April 24, 2020 at 9:06 am GMT

Equities turn red after would-be miracle drug Remdesivir fails clinical trial Euro dives as EU drags feet on recovery fund, disagrees on debt sharing Yen pares gains on reports BoJ will ramp up stimulus next week Oil extends bounce, but rebound likely fragile Virus-drug disappointment bites stocks A rally in global stock markets faltered yesterday, with the S&P 500 giving up early gains to close practically flat and futures pointing to more pain on Wall Street today, following headlines that [..]

Daily Market Comment – Trump threatens war with Iran, lifts oil

Posted on April 23, 2020 at 9:02 am GMT

Trump turns up the aggression with Iran, oil likes it But unlikely that this is a sustainable rebound Euro suffers after terrifying PMIs, awaits EU leaders meeting Stocks recover, yet safe havens thrive too Oil prices recover as Trump rattles sabers with Iran All the troubles in the oil market were magically resolved by a single tweet from the US President yesterday, who said that he instructed the US Navy to destroy any Iranian gunboats harassing American ships at sea. [..]

Daily Market Comment – Oil carnage spreads to stocks

Posted on April 22, 2020 at 9:22 am GMT

Oil price collapse continues, sending shivers through stock markets Trump signals bailouts for US producers, but paradoxically, that could worsen oil’s plunge Dollar pares gains after Trump’s bailout talk, pound softens on Brexit comments Euro in focus as investors flee Italian bonds before tomorrow’s EU summit Trump hints at bailouts as oil crumbles Energy markets can’t catch a break, with Brent following WTI lower this time to touch a low last seen during the Gulf war, as the devastation in [..]

Daily Market Comment – Oil trades negative as storage space runs out

Posted on April 21, 2020 at 9:18 am GMT

WTI oil price goes negative as physical storage space runs out Loonie and other oil-sensitive currencies retreat But little impact in other assets – mild risk aversion only Yen and dollar gain on defensive flows, stocks turn red, kiwi drops Oil price turns negative as energy market craters For the first time ever, the price on a barrel of WTI crude oil fell to zero yesterday and then traded negative, falling as low as -$40.32/barrel in a move so unprecedented [..]

Daily Market Comment – Oil plummets, but stocks hold their ground

Posted on April 20, 2020 at 9:24 am GMT

Loonie drops as WTI crude oil plummets to two-decade low Yet, rest of the market still calm – stocks near recent highs, yen and gold retreat Are stocks exaggerating the V-shaped recovery, or is there nothing else to buy? Demand fears devastate oil prices The energy market is back under immense pressure, with WTI crude falling below $15 per barrel today for the first time since 1999 as investors increasingly realize that there’s so much excess supply that storage space [..]

Daily Market Comment – OPEC cuts, but oil and stocks don’t ‘buy it’

Posted on April 13, 2020 at 8:33 am GMT

OPEC+ agrees to an almost 10 million barrels/day supply cut Oil opens higher, but surrenders most gains as compliance doubts set in Stocks turn red, yen and gold inch higher in holiday-thinned trading OPEC cuts, but oil can’t stay afloat The world’s biggest oil producers finalized a historic deal to cut their production over the weekend, in an attempt to stabilize a market that has been ravaged by collapsing demand. After a few hiccups with Mexico, OPEC and its allies [..]

Daily Market Comment – Oil firms as OPEC hypes deal, stocks cheer

Posted on April 9, 2020 at 9:23 am GMT

Hopes for a production-cut deal by OPEC today catapult oil higher Deal will likely get done, yet any positive reaction in oil may be short lived Stocks climb with crude, but watch out for US jobless claims today Euro will stay tuned to the Eurogroup meeting – are Eurobonds on the menu? Oil jumps on signs a deal is near, but caution warranted The energy market has come back into the spotlight ahead of the meeting between OPEC and Russia [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

How can we help?

Live Chat Terms