link to Brent price

link to WTl price

link to Exchange Rates

link to GBP/USD

link to GBP/EUR


Brent Crude & West Texas Light Charts..
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BP. and RDSB Charts.
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Gold and Cable Charts.
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Silver and Platinum Charts.
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GBP/USD
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Oil majors reverse decade of stalled growth to beat supply crunch fears

Very volatile once again



http://www.euroinvestor.com/exchanges/gtis-energy/brent-oil/2327059/chart#tid=1

Gold charts seem to be working again!

Yes and in the right direction as well.

Oil inventories effect!

USD Crude Oil Inventories 5.0M 1.9M -0.2M

Crude Oil Price Forecast: Long Term 2017 to 2030 | Data and Charts" - KNOEMA 22 February 2017

Oil prices grew by 1.1 percent in September modestly rebounding from a 7 percent drop in July. Since January, when the price of Brent crude reached a 12-year low, oil prices have rebounded by 50 percent and nearly reached last year's average of $46.99 per barrel. Barring any market surprises, a further recovery of oil prices hinges on a reduction of oil production by OPEC member states in the fourth quarter.

Fluctuations in global crude oil prices have always been the focus of the economic and financial news. The higher crude oil prices rise, the more positive is the economic outlook for petroleum exporters. In contrast, countries dependent on petroleum imports suffer to varying degrees from those same higher prices as import bills increase. Estimates for the price per barrel for crude oil from leading financial and multilateral institutions are thus closely monitored by governments, investors, and consumers alike Leading international agencies made the following oil price predictions during the first half of this year

The World Bank in its July commodity forecast report estimated that the average spot price for crude oil will fall slightly further in 2016 to $43/bbl from $51/bbl in 2015. This is a revision of the Bank's earlier 2016 forecast of $41/bbl and takes into account supply disruptions in Canada and Nigeria during the second quarter as well as strong demand.
June report revealed a similar expected decline from $51.6/bbl in 2015 to $43.6/bbl in 2016, based on demand projections, supply outages and a modest rebound in the number of rotary rigs in the US.

Global crude oil price forecasts from the OECD and the Economist Intelligence Unit (EIU) are also provided in our visualizations below. The OECD in June published a forecast that shows 2017 oil prices flat at $50 per barrel. In contrast, according to the April estimate from the EIU, oil prices will go up in 2017, because oil consumption will outstrip production.

Back to a 'busy' area.

Crude Oil On Prolonged Losing Skid

Crude oil futures fell for a fourth straight session Thursday, but held above the psychologically important USD50 mark.

June WTI oil settled at USD50.71/bbl, down 14 cents, or 0.3%

May WTI oil fell 17 cents, or 0.3%, to settle at USD50.27/bbl on its expiration day.

Soaring US production continued to offset OPEC's supply quota plan.

Analysts say OEPC will extend its output cuts beyond the first half of the year. The cartel meets next month in Vienna to hammer out the details.

Low of $49.02 today

USD Crude Oil Inventories -3.6M -1.1M -1.0M

USD Crude Oil Inventories -5.2M -2.0M -0.9M

Brent link at the top won't load for me can you put the chart up Skinny please if you can.

Stan - due to changes on MAM, I can only post a snapshot - not the live chart, but the link still works.

Oil Price Fundamental Weekly Forecast – Lower U.S. Production Key to Sustaining Rally - 19 hours ago By James Hyerczyk

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures put in a stellar performance last week. Profit-taking and short-covering gave the market a firm tone early in the week after a prolonged move down in time and price drove prices into their lowest level in 10-months the previous week.
At the mid-week, prices were supported by friendly U.S. production data and at the end of the week, a drop in the rig count helped send prices higher.

For the week, August West Texas Intermediate crude oil settled at $46.04, up $3.03 or +7.04% and September Brent crude oil closed at $48.77, up $3.02 or +6.60%.

Weekly September Brent Crude Oil
According to the U.S. Energy Information Administration, U.S. crude oil inventories edged up the week-ending June 23 while gasoline stocks decreased.

The EIA report showed crude inventories rose 118,000 compared with forecasts for a 2.6 million-barrel decrease, as imports rose 129,000 barrels per day and refinery runs fell 262,000 bpd.

The report also showed gasoline stocks fell 894,000 barrels, compared with expectations for a 583,000-barrel drop. However, current gasoline inventories of 241 million barrels remain about 7.5 percent higher than the seasonal average for stocks over the past five years.

Stocks at the Cushing, Oklahoma, futures delivery hub for U.S. crude fell 297,000 barrels, the EIA said.
Most importantly, U.S. production fell 100,000 bpd to 9.25 million bpd. And refinery utilization rates fell 1.5 percentage points to 92.5 percent of operable capacity, EIA data showed.

In other news, the U.S. Dollar fell to a multi-month low, making dollar-denominated crude oil less-expensive for foreign buyers. Money managers cut their net long U.S. crude futures and options positions in the week to June 27 to the lowest since late September, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
Finally, U.S. drillers cut two oil rigs in the week to June 30, the total rig count of 756 is still more than double the count the same week a year ago, Banker Hughes said on Friday.


Weekly August West Texas Intermediate Crude OilForecast
The ingredients were there for a rally and investors responded by taking oil prices higher. Money managers had been cleared out of their net long positions, the dollar fell, the rig count declined and most of all, U.S. production dropped 100,000 bpd to 9.25 million bpd.

Technically, the objective this week for August WTI crude is $47.14 to $48.34. Since the trend is down on the weekly chart, sellers are likely to show up on a test of this zone. The sellers could be profit-takers or new shorts.
The key to sustaining the rally will be the U.S. production number. If the EIA report shows another drop in production then look for the rally to continue beyond $48.34. If production rises, prices will fall.