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Oil Trading Alert: New Highs Ahead?

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Posted by Nadia Simmons & Przemyslaw Radomski - Sunshine Profitsadia Simmons - Sunshine Profitsski - Sunshine Profitsadia Simmons - Sunshine Profits

on Tuesday, 06 December 2016 08:01

Trading position (short-term; our opinion): No positions are justified from the risk/reward perspective.

On Friday, crude oil gained 1.21% as OPEC deal continued to support the price of the commodity. In this environment, light crude re-approached the Oct high. Will we see fresh 2016 peak in the coming week?

Let's take a look at the charts below to find out (charts courtesy of http://stockcharts.com).

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On Friday, we wrote the following:



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Energy & Commodities

Here’s why the OPEC cuts won’t hold

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Posted by Larry Edelson - Money & Markets

on Saturday, 03 December 2016 10:58

Volatile-oilThe oil market is overjoyed and back above $50 a barrel following this week’s OPEC deal to cut production by 1.2 million barrels per day (bpd). The deal is expected to rebalance global inventories, perhaps in the first half of 2017.

I’ve got one word for that: Malarkey!

The fact is, oil’s in a temporary upswing at best. My models have been predicting bearish action in oil for a while now and I’ve spared no breath telling you about it. (More on this in a moment.)

And they’re not alone. Here are the latest reasons that oil is going down … and going down hard.

Bearish Factor #1: OPEC has a lackluster history of compliance with these kinds of deals: Over the last 17 production cuts – from 1982 to 2009 – their cuts came in at just 60% of what they promised. That translates to a measly 720,000 bpd — a drop in the bucket compared to world petroleum and liquids production of 96.26 million bpd.



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Energy & Commodities

Big OPEC-ing deal!

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Posted by Phil Flynn - The PRICE Futures Group

on Thursday, 01 December 2016 11:35

opec4 reuters 4This is a big OPEC’ing deal. While the naysayers said it could not be done, OPEC went ahead and did it anyway. The cartel agreed to cut production by 1.2 million barrels a day(mbd) to 32.5 mbd and has enticed non-OPEC producers to add another 600,000 barrels. Now that the months in making the deal is done, what does this mean for oil as well as the outside market.

Well, first, I don’t think you can doubt OPEC's commitment to making these cuts work. Not only will they have OPEC countries monitor compliance, they will also have an independent group count the barrels. In other words, they will have monitors montoring the monitors. Kuwait, Venezuela and Algeria will be montoring compliance and a disinterested third party will be keeping score of the barrels produced.

....continue reading HERE

 

also: Copper Poised to Surge



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Energy & Commodities

Copper Poised to Surge

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Posted by Pierce Points

on Thursday, 01 December 2016 09:23

imagesWatch For This Africa X-Factor In Copper Prices For 2017

Warnings of a potential surge coming in global copper prices this week. Emerging from a place few observers in the space are focused on.

The southern Africa producing nation of Zambia.

Industry sources in Zambia told Reuters this past week that some big changes are quietly afoot in the copper market here. Triggered by a change in government policy for local smelters.

That’s a new tax reportedly being introduced by the Zambian government on imports of copper concentrates. With officials apparently planning to tax incoming shipments of concentrate at up to 7.5%.

Here’s why that matters for global copper prices.



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Energy & Commodities

Oil Trading Alert: Breakdown and Slide in Crude Oil

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Posted by Nadia Simmons - Sunshine Profits

on Wednesday, 30 November 2016 11:17

Originally published on Nov 29, 2016, 9:35 AM

Trading position (short-term; our opinion): No positions are justified from the risk/reward perspective.

Crude oil gained 2.21% yesterday and came back above $47, but taking a dive today, confirming that closing the long positions yesterday and taking profits off the table was a good idea. Now, the question is how much does today's decline actually change.

Let's take a look at the charts to find out (charts courtesy of http://stockcharts.com).

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Looking at the daily chart, we see that crude oil bounced off the mid-Now lows and climbed above $47, reaching the previously-broken 50-day moving average. We saw similar situation at the beginning of Jul and at the turn of Oct and Nov. In both previous cases, verification of breakdowns preceded further declines, which increases the probability of the realization of our yesterday's outlook:



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