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Brentcrude

Oil After Saudi Hikes Crude PricesBrent crude futures were trading at around $121 a barrel on Monday, after Saudi Arabia raised its oil prices for July. The country's official selling price for light crude was also raised. While it kept the premium for US barrels steady, it also raised prices for other products . The gains were largely due to last week's decision by the Organization of Petroleum Exporting Countries (OPEC+) to increase its output by about 600,000 barrels per day in July and August. However, markets are still questioning the group's ability to meet the demand. At a time when the US is experiencing a spike in demand, China's easing of its Covid lockdowns is also helping to boost oil consumption. As the US looks to increase the supply of crude oil to make up for the loss of Russian supplies, some traders noted that tUS might allow more Venezuelan and Iranian oil to be imported.
TVC:UKOIL
by bbitar
Brent: GlueyBrent is currently glued to the resistance at $114.74, where it has finished wave b in blue. However, we expect it to let go of this mark soon to fall into the turquoise zone between $101.67 and $99.83. There, it should complete wave a in turquoise and move back above $104.67 afterwards to finish wave b in turquoise. After that is settled, Brent should gradually fall below the support lines at $104.67, $97.56 and $93.57. There is a 40% chance, though, that Brent could climb above $114.74 and make a detour through the green zone between $117.78 and $133.52 first before moving downwards.
TVC:UKOIL
by MarketIntel
2
Geopolitics Current Dictate Brent Crude Oil Price PredictionsCrude oil prices are still trading lower on the day, despite a shortfall in US crude oil stocks this Wednesday. Brent crude oil price predictions remain unchanged from the bearish stance after the Energy Information Administration said that US crude oil inventories fell by 3.4 million barrels in the week ended 13 May 2022. This was a steep drop from the surplus of 8.5m barrels seen a week earlier and was also a sharper-than-expected drop from the 2.5m barrels surplus predicted by analysts. Geopolitics remains the driving force behind Brent crude oil price predictions this Wednesday. As Commerzbank analysts noted in their investment reports, the shelving of any proposed ban on Russian oil imports by the EU has proven to be a much more powerful overriding force than reports of China’s easing of lockdowns and potential demand recovery. Reports that the US is considering easing sanctions on Venezuela is also pressurizing oil prices. Crude Inventory Data Shows Draw of 3.4 Million Barrels Last Week Summary of Weekly Petroleum Data for the week ending May 13, 2022 U.S. crude oil refinery inputs averaged 15.9 million barrels per day during the week ending May 13, 2022 which was 239,000 barrels per day more than the previous week’s average. Refineries operated at 91.8% of their operable capacity last week. Gasoline production decreased last week, averaging 9.6 million barrels per day. Distillate fuel production decreased last week, averaging 4.9 million barrels per day. U.S. crude oil imports averaged 6.6 million barrels per day last week, up by 299,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 4.7% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 876,000 barrels per day, and distillate fuel imports averaged 114,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.4 million barrels from the previous week. At 420.8 million barrels, U.S. crude oil inventories are about 14% below the five year average for this time of year. Total motor gasoline inventories decreased by 4.8 million barrels last week and are about 8% below the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week. Distillate fuel inventories increased by 1.2 million barrels last week and are about 22% below the five year average for this time of year. Propane/propylene inventories increased by 0.3 million barrels last week and are about 10% below the five year average for this time of year. Total commercial petroleum inventories decreased last week by 2.9 million barrels last week. Total products supplied over the last four-week period averaged 19.5 million barrels a day, up by 1.7% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, down by 1.2% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 6.7% from the same period last year. Jet fuel product supplied was up 28.6% compared with the same four-week period last year. The 2.31% drop in Brent crude this Wednesday follows Tuesday’s 1.03% fall. A stronger dollar is also putting the brakes on commodity prices. Brent crude is approaching a key support at $109.58. How will this affect Brent crude oil price predictions as we advance? Brent Crude Oil Price Prediction Wednesday’s decline has made the 109.58 support vulnerable. A breakdown of this support allows the bears to aim for the 106.11 support (9 March and 12 May lows). If there is further price deterioration, the 97.40 support level (28 February and 16 March lows) comes into the picture. If the decline continues unabated, additional support is seen at 91.32 (11/17 February lows). On the flip side, a bounce on 109.58 allows for a retest of the 114.03 resistance (5/16 May highs). The 24 March high at 123.61 re-enters the picture if the bulls uncap the 114.03 resistance. The bulls’ additional harvest points reside at 131.86 (9 March high) and at 138.10 (7 March high). Brent Crude Oil Price Prediction: Stuck At A Crucial Support Brent crude oil price has fallen to an important support as investors focus on the ongoing lockdown in China and OPEC+ intrigues. The benchmark is trading at $104.83, which is significantly lower than its year-to-date high of $138.10. Meanwhile, the West Texas Intermediate (WTI) has moved to $102.15, which is also lower than this year’s high of $129.50. So, what next for oil prices? There are several catalysts moving crude oil prices. First, there is the ongoing debate in Europe about banning Russian crude oil. While most countries are supportive of the measure, some like Hungary and Czech Republic have warned about the impacts to their economies. A complete ban would have a significant impact on oil markets since Europe buys most of the Russian oil. However, analysts believe that Russia would find other buyers like China and India. Oil prices are also reacting to the latest figures from OPEC. Official data showed that OPEC production rose by 70,000 barrels per day. Oil production in Russia declined by 900k barrels per day as the country produced 9.4 million barrels per day. In its quota, the country is required to produce 10.44 million barrels.As a result, according to S&P, the spread between OPEC+ production and quotas rose to a record high. Other OPEC countries are also facing challenges with production. For example, in Libya, factions blockaded key ports and oil fields. Nigeria is also seeing significant logistics issues while Kazakhstan’s output fell by 220k barrels per day. Crude oil price prediction Crude oil has been a bit volatile in the past few weeks. On the daily chart, the price remains slightly above the ascending trendline that is shown in green. This is a sign that sellers are getting a bit afraid of moving below the support at $100. Oil is also between the lower and middle line of the Bollinger Bands. The True Strength Indicator has moved to the neutral point. Therefore, there is a possibility that the crude oil price will remain in this range for a while. Besides, it has formed a triangle pattern, which is not close to its confluence level, The key support and resistance to watch will be at $100 and $110. Brent Crude Oil Price Prediction: Geopolitics And China Dictate Prices Bullish Brent crude oil price predictions have hit the market after Germany dropped its opposition to an embargo on Russian oil imports. The crude oil benchmark rose 2.06% on Thursday as a result, as the move paves the way for a potential vote to embargo Russian oil, cutting off a significant chunk of supply from the market. Reports say that Germany will no longer oppose an EU resolution to ban the importation of Russian oil and energy products. However, any embargoes remain some way off, as the German statement only reflects Berlin’s public wishes to wean itself off Russian oil. While the news put Brent crude on bid, the upside move was limited as lockdowns in Shanghai continue to cut demand for crude oil. Plans to start mass testing in Beijing and other cities across China may spark new lockdown fears, leading to a further reduction in demand from the world’s largest crude oil importer. Demand from China is already said to be down by 1 million barrels per day. A slight increase in crude oil stocks also limits the rise in oil prices. The latest consignment of the Energy Information Administration’s weekly report indicates that inventories rose by 691,000 barrels in the week under focus, up from a shortfall of 8 million barrels recorded previously. The rapidly evolving situation on the geopolitical front keeps Brent crude oil price predictions on the volatile side. Brent Crude Oil Price Outlook The active daily candle has breached the 106.11 resistance (9 March low, 1 April high) by the required 3% closing penetration above this barrier. This confirms the breakout and opens the door for the bulls to challenge the resistance at 109.58. The trendline that connects the price peaks from early March to date add another resistance layer. If the bulls uncap this barrier, the door swings open for a push towards 114.03 (11 March and 19 April highs). Above this level, 123.61 (24 March high) forms an additional barrier to the north, with the 120.00 psychological price area forming a potential pitstop. This outlook would invalidate the evolving descending triangle. On the other hand, rejection at 109.58 retains the integrity of the triangle, with the potential for a downside move that targets 106.11 initially. 103.11 (27 April low) is another pivot waiting in the wings if the bulls fail to support the 106.11 support. The 97.40 price mark (28 February and 16 March lows) forms the triangle’s lower border. The descending triangle’s expected outcome is fulfilled if the bears take this border out. This scenario also clears the pathway to a measured move that targets 80.22 (5 November 2021 and 6 January 2022 lows). Before then, additional downside barriers are seen at 91.32 (11 February low), 86.72 (25 January low) and 85.32 (10 November 2021 high and 24 January 2022 low).
OANDA:BCOUSDShort
by DaveBrascoFX
Brent: Parking Assistant 🚗Beep beep, beepbeepbeep, beebeepbeepbeepbeeeeeep Brent seems to have afforded a parking assistant, judging by the neat way in which it has entered our white zone between $106.12 and $99.47 to finish wave c in blue and wave (B) in white. We expect it to turn around soon and to head for the next parking lot above $114.74, the green zone between $117.78 and $133.52. After Brent has completed wave B in green and wave (C) in white there, it should turn again and home in on the support at $97.56.
TVC:UKOILLong
by MarketIntel
1
$UKOIL - Conflicts, COVID, Sanctions, Triangle patternHi guys! 👋🏻 🔔 Conflicts, military operations, sanctions, COVID seem to be the headlines of 2022 🔔 The bursts of conflicts globally looks so intense that they might be the main drivers of oil prices. 🔔 I really don't think that EU will embargo Russian oil but if they really do, BRENT will hop to $160 easy, which according to the chart here is very possible. 🔔 For now, I'm expecting a slight correction here with a potential on a jump to $123. ✊🏻 Good luck with your trades! ✊🏻 If you like the idea hit the 👍🏻 button, follow me for more ideas.
TVC:UKOILLong
by azizelliott
Oil Bullish Target $140/BarrelTrade Safe - Trade Well Regards, Michael Harding 😎 Chief Technical Strategist @ LEFTURN Inc. RISK DISCLAIMER Information and opinions contained with this post are for educational purposes and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors. Before deciding to invest in Forex you should consider your knowledge, investment objectives, and your risk appetite. Only trade/invest with funds you can afford to lose
TVC:USOILLong
by Michael_Harding
2
#UKOIL Has Room To Go Higher #USOIL #Brent $WTI Traders, UKOIL (Brent) can still go higher. It has reached an FCP zone so any long positions for swing trade are not good ideally. However there is a gap available at 98 and then we have round number 100. This can also push upwards of this FCP zone to reach the final FCP zone of 105. Then it will be a good candidate for a short. Right now, trade in steps only. Horizontal lines are possible targets and arrows show the direction. Trade what you see and ignore any hypes. Stay objective. Rules: 1. Never trade too much 2. Never trade without a confirmation 3. Never rely on signals, do your own analysis and research too ✅ If you found this idea useful, hit the like button, subscribe and share it in other trading forums. ✅ Follow me for future ideas, trade set ups and the updates of this analysis ✅ Don't hesitate to share your ideas, comments, opinions and questions. Take care and trade well -Vik ____________________________________________________ 📌 DISCLAIMER The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of education only. Not a financial advice or signal. Please make your own independent investment decisions. ____________________________________________________
TVC:UKOIL
by vikinsa
1
Which target do we look at for Brent ? According to Ichimoku, we're definitely bullish on long term. Prices are perfectly supported by Daily Tenkan during their ascent. With a Fibonacci Extension, I think that $92 is a probable target to look at. If this one breaks, we could look at the 1.618 Extension, at $109.9. Will depend on the evolution of the situation in Ukraine. A possible fundamental bearish news could be that the de-escalation leads to a decrease in the attractiveness of black gold and produces a pull-back in prices, towards the Kijun Daily as first support. What do you think friends ?
TVC:UKOIL
by Augustus1st