The WTI CrudeOil market has been all over the place during the trading session, as traders continue to try to price in a bit of a premium for Russian aggression. RussiaUkraine UkraineRussianWar Oilprices
Enter your emailThis is a market that if you are patient enough you should find value that you can take advantage of.
, as traders continue to try to price in a bit of a premium for Russian aggression, and of course, the fact that most shipping companies will have nothing to do with transporting Russian oil, effectively taking 10% of the world’s inventory off-line.Going forward, the market almost certainly will find plenty of buyers, but I think we are getting close to a significant pullback.
On the downside, I see the $100 level as a potential support level, as it is a large, round, psychologically significant figure and an area that has been important in the past. We have seen a major breakout there, and I think it may have to be retested before we go much higher. However, this does not take into account that we could see a headline crosses the wires that send the market parabolic again, especially if it involves Russia.
Even if you told me that we were most certainly going to fall in price tomorrow, I would not sell this market because it is so sensitive to the occasional headline.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WTI Crude Oil Targets 110 Amid Possible Move to Target Russia’s Energy ExportsWTI crude oil prices held firmly higher as supply worries remained after President Joe Biden's State of the Union speech. The West may target Russian energy exports, hurting further its ability to sell oil. Get your market update from FxWestwater here:
Read more »
Crude Oil Jumps 7% as OPEC+ Talks Continue, Crisis in Ukraine IntensifiesA barrel of crude is now quoted around $111 compared to $57 a barrel one year ago on a toxic combination of tight supply and the ongoing crisis in Ukraine. IG retail trade data shows a massive build-up of net-short positions over the last few days.
Read more »
Big Oil haunted by $100 crude traumaPrices are high, and Russia’s 8% of global supply might evaporate, but Chevron and Exxon promised this week their focus is lower costs and returning capital. That’s a far cry from last time’s destructive investment binge. They may end up ruing missed drilling opportunities.
Read more »
Crude Oil Futures: A deeper pullback seems not favouredOpen interest in crude oil futures markets dropped for the third session in a row on Thursday, this time by more than 43K contracts according to preli
Read more »
Stocks end another bumpy day lower and crude oil prices easeStocks fell and oil prices eased back Thursday after another bumpy day of trading on Wall Street as markets remained anxious about the broader impact of Russia's invasion of Ukraine .
Read more »
Why Russian oil can't find buyers even as crude nearly touches $120 a barrelThe U.S. and its allies haven't aimed sanctions at Russia's energy exports yet, but buyers are already shying away from the country's crude even as prices soar.
Read more »