E Crude Oil Down $3 For Trading Week

Crude Oil Futures

Crude oil futures in the April contract settled last Friday in New York at 63.55 a barrel while currently trading at 60.77 down nearly $3 for the trading week following the stock market lower as the volatility has reemerged in both sectors as crude oil has been mirroring the equity market over the last month. Oil prices have now hit a 2 week low & is now trading under their 20-day moving average but still above its 100-day as the trend is mixed as I am not currently involved in this market as my only energy recommendation is in natural gas at the present time.

The United States later this year will become the largest producer of oil in the world surpassing Russia and Saudi Arabia as the fracking industry has caught fire due to reduced regulations by the Trump administration as that trend should continue for several more years.

The chart structure at the current times is poor as I'm advising clients to avoid this market at the current time as I have a feeling if the stocks continue to move lower then crude oil prices could retest recent lows around the $58 level, but there still is strong worldwide demand for this product as prices would be very interesting down at that level as I don't see much further decline if that does occur.

The U.S dollar has hit a 6 week high which also has put some pressure on oil here in the short term, however, if you take a longer view the dollar is still right near a 3 year low.




If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

Skype ...

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.
Quad 7 Capital 2 weeks ago Contributor's comment

No offense but these short articles are not very useful there is no fundamental analysis at all, not much technical or forward thinking opinion/analysis in these columns. Will no longer be reading what I can get from any other sites price quote. Would hope to see more analysis in the future to strengthen the community here