Month: February 2020

BRENT Crude Technical Snap (Daily)

Pivot: 54.50 Our preference: long positions above 54.50 with targets at 55.40 & 55.80 in extension. Alternative scenario: below 54.50 look for further downside with 54.20 & 53.90 as targets. Comment: the RSI is bullish and calls for further upside.

EMEA Base Oil Price Report

The coronavirus outbreak has paralyzed much of the Chinese economy, putting a dent in global demand for crude and petroleum products and causing energy prices to plunge. Given their traditional lag behind crude and feedstock prices, base stocks may still face downward pressure.

Dated deliveries of Brent crude oil continue to move lower and now sit at $53.75 per barrel for April front month settlement, around $2 lower than last week. West Texas Intermediate crude has fallen through the $50 resistance mark and posted at $49.80/bbl in Monday trade for March front month. read more

BRENT Crude Technical Snap (Daily)

Pivot: 53.70 Our preference: long positions above 53.70 with targets at 54.35 & 54.70 in extension. Alternative scenario: below 53.70 look for further downside with 53.40 & 53.10 as targets. Comment: the RSI is bullish and calls for further advance.

BRENT Crude Technical Snap (Daily)

Pivot: 54.85 Our preference: short positions below 54.85 with targets at 54.00 & 53.60 in extension. Alternative scenario: above 54.85 look for further upside with 55.10 & 55.40 as targets. Comment: the upward potential is likely to be limited by the resistance at 54.85.

BRENT Crude Technical Snap (Daily)

Pivot: 55.65 Our preference: short positions below 55.65 with targets at 54.65 & 54.25 in extension. Alternative scenario: above 55.65 look for further upside with 56.05 & 56.55 as targets. Comment: the RSI lacks upward momentum.

BRENT Crude Technical Snap (Daily)

Pivot: 55.80 Our preference: long positions above 55.80 with targets at 57.00 & 57.45 in extension. Alternative scenario: below 55.80 look for further downside with 55.35 & 55.00 as targets. Comment: the RSI is bullish and calls for further upside.

EMEA Base Oil Price Report

With falling fundamentals, the opportunity to raise base oil prices may have eluded sellers. The whole oil industry is facing weaker levels for crude and feedstocks due to potential declining demand from major economies like China, which is experiencing growing problems surrounding the coronavirus epidemic.

Base oil numbers are coming under scrutiny amid lower prices for all petroleum products. A few sources explained this was akin to “having the rug taken out from under one’s feet,” when producers could justifiably hike prices due to higher raw material costs and shrinking availability for API Group I and Group II base oils. read more

BRENT Crude Technical Snap (Daily)

Pivot: 54.90 Our preference: short positions below 54.90 with targets at 54.00 & 53.70 in extension. Alternative scenario: above 54.90 look for further upside with 55.30 & 55.65 as targets. Comment: a break below 54.00 would trigger a drop towards 53.70.

BRENT Crude Technical Snap (Daily)

Pivot: 55.65 Our preference: short positions below 55.65 with targets at 54.00 & 53.60 in extension. Alternative scenario: above 55.65 look for further upside with 56.15 & 56.75 as targets. Comment: as long as the resistance at 55.65 is not surpassed, the risk of the break below 54.00 remains high.

BRENT Crude Technical Snap (Daily)

Pivot: 56.05 Our preference: long positions above 56.05 with targets at 56.90 & 57.30 in extension. Alternative scenario: below 56.05 look for further downside with 55.80 & 55.45 as targets. Comment: the RSI calls for a bounce.