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Crude Oil WTI May '19 (CLK19)

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Crude Oil WTI Futures Market News and Commentary

Crude Oil Falls on Dollar Strength and Global Demand Concerns

Apr WTI crude oil (CLJ19) this morning is down -$0.06 (-0.10%) per barrel and May Brent crude (CBJ19) is down $0.07 (-0.10%). Apr RBOB gasoline (RBJ19) is down -1.03 cents per gallon (+0.55%). A stronger dollar is weighing on the energy complex today along with uncertainty about the status of US/Chinese trade negotiations after reports earlier this week that China is pushing back against some U.S. trade demands. The energy market is concerned that global growth and energy demand may slow if the U.S.-China trade war persists. Another negative for crude prices is the consensus for today's weekly EIA crude inventories to increase by +1.75 million bbl. Tuesday afternoon's weekly API data showed that U.S. crude oil stockpiles fell -2.13 million bbl last week. The energy complex still has support from Monday when Saudi Arabian Energy Minister Khalid Al-Falih said that OPEC+ members are conforming well to the crude production cuts they agreed to in January and that compliance with the cuts will easily exceed 100 percent in March. In a bearish factor, however, Russia is insisting that OPEC+ delay a decision until June on extending the 1H production cuts into 2H, suggesting that Russia may be reluctant to extend its production cuts.
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    Oil prices, based on the fact that oil supplies are falling against the seasonal trend, probably should be moving higher than they are but rallies [...]...

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  • WTI Crude Oil May '19

    Highly Accurate Multi Time Frame Technical Analysis

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