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Brentcrude

Brent Crude Prices May Soon Return to $80After a drop to $69.28 per barrel Brent crude prices quickly rebounded to the upside on Wednesday touching $74.57. And there are several fundamental and technical reasons for it.First, gas prices in Europe skyrocketed to $180 per MWh for ICE Dutch TTF January gas futures on Tuesday, or by 22.7% in a single day. This lift off of gas prices also pushed crude prices up as high gas prices are forcing consumers to move to alternative fuels, including various petroleum products. The International Energy Agency (IEA) has reported that record high gas prices would increase oil demand by 500,000 bpd throughout Q1 2022, while the American Petroleum Institute (API) reported weekly crude stocks in the United States dropped by 3.67 million barrels, well above expected 2.63 million. Distillate stocks were down by 849,000 barrels and gasoline inventories were up by 3.7 million barrels.  According to the forecasts the Energy information Administration (EIA) is expected to officially report crude oil inventories to be down by 2.750 barrels. Technically, Brent crude prices are within the ABC correction, where the decline from $86.70 per barrel to $65.72 created wave A. Now we have wave B that is usually in a form of a zigzag. The first part of this zigzag was the rise of Brent crude prices from $65.72 to $76.70 per barrel. The second part strongly correlates with the first one and could be at 61.8% of its length or the same as the first one. Mathematically that would mean a potential for Brent crude prices to recover to $76.06 per barrel, or even to $80.26 per barrel. However, the correction might not be over yet as Brent crude prices haven’t fell below 61.8% of the previous rise from $65.72 to $76.70 per barrel. Goldman Sachs oil may hit $100 per barrel over the next two years as the demand for oil continues to grow above existing record levels. However, a moderate expectation from Goldman Sachs suggests that average crude prices are likely to remain around $85 per barrel by the end of 2023.
OLong
by scavoanastasiia
🛢️Brent oil - correction lasting several years? 🕰️● CFDs on Brent Crude Oil ( UKOIL ): 🕐 1M "Fig. 1" The development of the ending diagonal is expected within the wave (V) of ((III)) . _______________________________________ ● BCOUSD (OANDA): 🕐 2D "Fig. 2" From the end of wave II, there is a five-wave structure — an impulse that could be wave Ⓐ . If this assumption is correct, then the current decline is part of the correction Ⓑ , which can take the form of any corrective pattern and last for several years. _______________________________________ BCOUSD (OANDA): 🕐 4h "Fig. 3" "Fig. 4" Once again, I repeat that at this stage in the development of the correction it is not possible to predict its final shape and duration, but I am betting on a triangle , on a model that has a high predictive value and is appears , according to my experience, in wave B of the zigzag most often. _______________________________________ Disclaimer — The owner of the TradeWaves-EWA © community is not responsible and has no direct or indirect obligations to the User/Customer in connection with any possible losses or financial damages related to any content of this community.
TVC:UKOILLong
by TradeWaves-EWA
WTI Crude Oil Price ForecastAside from Crypto and Stocks, I also look at economical indicators, metals, and commodities. I will be adding these to my ideas moving forward starting with the analysis on WTI Crude Oil price. WTI Crude Oil was in a multi-year descending triangle, which it broke out of and retested the top of the trendline in August 2021. The price is on it's way upwards. Something I learned from a trading mentor is when in doubt, zoom out and look left. I took a fractal pattern from 2009-2013 which looks very similar to how the price is playing out currently and overlaid it in the current price range. Furthermore, I added in the fib levels to see where we can be able to get to before some level of retracement. It seems that $95-$100 price range may be in the cards as the price may get to fib level 0.618 before a rejection. I will keep the community updated on this. What are your opinions on this? Comment below, hit the like and follow me. Thank you! Check out more below for recent Altcoin, Bitcoin and Stock Ideas. Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk #bitcoin #altcoins
TVC:USOILLong
by MillionaireEconomics
3
BRENT to reach $70 soonI've been expecting this for a while now, since brent hit $75 for the first time in teh recent weeks. but it seems to resilient and doesnt seem to fall back to support around $70. But i think im clocked it... brent has almost reached $73 as calculated. I think we will see a pull up to around $75 again as teh selling pressure has already weakened. But from $75, there is a high probability that brent will continue its downward move towards $70. When it does reach $70... im buying Brent, as i dont think it will fall significantly below this anytime soon.
TVC:UKOILShort
by nmiah7c
Another Move Higher for Brent Crude Oil, Towards 89.25Trend Analysis The main view of this trade idea is on the 2-Hour Chart. The commodity Brent Crude Oil (BCO) has been in a rangebound movement since mid-October 2021, with resistance around the 86.50 price level and support observed around the 83.55 price level. Expectations are for a breakout higher towards 89.25. Failure of this move will be seen if BCO breaks below 83. On the longer termed Daily chart, BCO has had quite a rally thus far, with a low around the 65.213 price level, the commodity is 31.7% higher. A change in trend will be determined if BCO were to decline below 81.693. Technical Indicators BCO is currently trading above its short (50-MA), medium (100-MA) and long (200-MA) fractal moving averages. The commodity is currently in an uptrend. The RSI is trading above 50 and there has been a positive crossover on the KST. This suggests another move higher for the commodity. Recommendation The recommendation will be to go long at market, with a stop loss at 83.00 and a target of 89.25. This produces a risk/reward ratio of 1.14 Disclaimer The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes.
OANDA:BCOUSDLong
by Ceddy86
Crude Oil Is Close to Setting New HighsCrude prices continue their steady rise as the Brent crude benchmark is trading close to $77.40 per barrel. The July high is at $77.84 per barrel, well within arm’s reach. The rise in crude prices continues for the fourth consecutive day as investors digest the recent damages to the U.S. oil industry caused by two recent hurricanes. The damages were confirmed by the Energy Information Administration (EIA) data that showed a decline of crude reserves to 414 million barrels, a record low since October 2018. This week EIA recorded a drop of oil reserves by 3.5 million barrels or 0.8%, and this is the seventh week of declines in the row. As I said before, Brent crude oil has a potential to rise to $82 per barrel if we consider the height of the downward channel  to be the price that has been broken through recently. A decline of prices to $73.26 per barrel was just a test of the new support level that was formerly a resistance level. So, we may say that further hikes in prices is quite possible even if prices are at record highs for several months. However, we may have a short-term correction to the area of $76.50-76.60 per barrel, where the support level of the upward trend from September 21 is located. Anyway, any correction now is a good chance to open buy positions. Moreover, if we look at the monthly timeframe we may find a “triple tweezers” candlestick pattern at $65-67 per barrel. Such a pattern indicates a high possibility for the bullish trend to continue. Oil may surge to $90 a barrel if the approaching winter in the northern hemisphere proves colder than normal, said Jeff Currie, global head of commodities research at Goldman Sachs Group Inc. Tightening gas supplies in Europe will elevate demand for oil as an alternative at a time when global crude output is constrained, Currie said during a Bloomberg Television interview on Wednesday. Post-hurricane disruptions in the U.S. Gulf of Mexico were among the worldwide factors he cited. Backer Hughes oil rigs count report may affect crude prices later on Friday after the company has reported active rigs at 512 including oil rigs at 411 units as of September 17.
ULong
by scavoanastasiia
UKOIL (Brent Crude Oil) : 1Month TFWell, as we can see, we are technically reviewing Brent oil charts at monthly timeframes. The price finally broke its 13-year downtrend last month ... (This break needs to be stabilized) Currently, the most important support range for Brent oil is from $ 72 to $ 76 ... Brent oil currently has a significant static resistance of $ 85 and we have to see if it can break this resistance after 3 years and pave its way to climb or not. ⚠️ This Analysis will be updated ... TVC:UKOIL 👤 Arman Shaban : @Ar_M_An_4 📅 02.Oct.2021 ⚠️(DYOR)
TVC:UKOIL
by ArmanShabanTrading
11
UKOILSPOT in on a bearish momentum | 21 Sept 2021UKOILSPOT is on a bearish momentum and is approaching our pivot and entry at 74.21 in line with 50% Fibonacci retracement and bearish trendline . Price could potentially bounce off and dip to our area of take profit at 72.73 in line between 161.8% extension and 61.8% retracement . MacD and Ichimoku clouds are supporting our bearish bias. Alternatively, our stop loss is placed at 78.6% Fibonacci extension . Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
FX:UKOILSPOTShort
by FXCM
2