US OIL latest

Latest Trends | USOIL charts and news

Oil falls nearly 1% on oversupply concerns, U.S. jobless data.
USOIL latest
USOil update

Check out my freshly updated US Oil charts.

WEST TEXAS OIL

Daily shows this pair has made a $8.51 move up and should continue to the 1.618 at $79.97 which will bring $3.95. The rsi is in the sell zone, however is still pointed up indicating further up movement to come from this pair before it decides to move down.

WEST TEXAS OIL Daily December 28 2021
WEST TEXAS OIL Daily December 28 2021

Hourly shows this pair came up to the .270 at $76.88 and dropped back down. Both the rsi and MacD are in the buy zone but still pointed down indicating there may be further down movement to come from this pair. It may drop down a few pips but it should come back up to the .270 and up to the 1.618 at $78.04 which will give $2.16.

WEST TEXAS OIL Hourly December 28 2021
WEST TEXAS OIL Hourly December 28 2021

USOil in the news

The United States Oil Fund LP, the country’s largest crude exchange-traded fund, said on Wednesday it received a Wells notice from the U.S. Securities and Exchange Commission. The Wells notice states that SEC staff have made a preliminary determination to recommend that the U.S. securities regulator file an enforcement action against USO, United States Commodity Fund LLC and its chief executive officer John Love.

“While oil-market fundamentals may have started to normalise, much of the progress comes from the supply side, while demand continues to disappoint,” said Emily Ashford, energy analyst at Standard Chartered Bank, according to CNBC.


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The EIA estimates current US oil demand to have risen to more than 18 million bbl/d from less than 14 million bbl/d in April compared with an average of 20.01 million bbl/d last January, according to Oilprice.

The UD Dollar looks like it’s going to go down again. Once we break the support, then we should see a move down. Oil is about to breakout, according to John Howell

Oil futures steadied on Monday as rising U.S.-China tensions weighed on sentiment, but prices drew support from reports that OPEC and Russia were close to a deal extending output cuts.

“The possibility of heightened tensions does pose a risk for the recent rally in oil prices,” said Harry Tchilinguirian, head of commodity research at BNP Paribas.

CNBC
Shale Growth May Never Return to Previous Levels, Oil Analyst Sen Says.
Amrita Sen, chief oil analyst at Energy Aspects, says shale growth might not return to 1 million barrels a day if lending remains constrained, according to Bloomberg.

“If talks do end with an extension of the agreement without reducing cut levels, the market is likely to see some renewed buying interest,” said Fraser. “However, demand numbers should remain a source of concern moving forward, as COVID-19 remains a challenge, even as new geopolitical headwinds for crude and the broader economy emerge.”

“The current proposal is to extend the production by at least one month and a maximum of three months. If agreed, the move can further strengthen the [WTI, the U.S. benchmark] crude oil price and Brent oil prices,” wrote Naeem Aslam, chief market analyst at AvaTrade in a Monday research note.

MarketWatch

In a sign of changing times, a U.S. oil refining company is converting one of its plants into a producer of clean fuel.

The plant will stop consuming crude oil at the end of July this year, and 200 workers will be laid off, according to HollyFrontier.

Old U.S. Oil Refinery to Pursue New Green Life After Crude Crash according to business.financialpost.com

USOil summarized

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