Brent to 27-month high, Flood of US Crude Fails To Ignite Oil Selling

Crude Oil price expected to hold above $49-51 polarity zone, upside focus for WTI at $56/bbl

Chart Created by Tyler Yell, CMT

Next Week’s Data Points That May Affect Energy Markets:

The fundamental focal points for the energy market next week:

  • Monday: Basra Oil, Gas & Infrastructure conference in Beirut
  • Tuesday 4:30 PM ET: API weekly U.S. oil inventory report
  • Wednesday – Time uncertain: Russia-Iran-Azerbaijan summit in Tehran
  • Wednesday 10:30 AM ET: EIA Petroleum Supply Report
  • Fridays 1:00 PM ET: Baker-Hughes Rig Count at
  • Friday 3:30 PM ET: Release of the CFTC weekly commitments of traders report on U.S. futures, options contracts

Crude Oil IG Client Sentiment Highlight: Contrarian view of retail positioning favors upside

Oil — US Crude: Retail trader data shows 43.9% of traders are net-long with the ratio of traders short to long at 1.28 to 1. The number of traders net-long is 11.0% lower than yesterday and 8.0% lower from last week, while the number of traders net-short is 8.2% higher than yesterday and 8.4% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests Oil — US Crude prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Oil — US Crude-bullish contrarian trading bias(emphasis added).

-TY

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES Article Source

Добавить комментарий

Яндекс.Метрика