Today at 3:30pm UK time. The EIA Crude Oil Stocks Change Indicator measures the number of barrels of commercial crude oil held by US companies. It is one of the indicators affecting world oil prices. F: -2.885 M, P: 1.164 M. #UKOil may ease towards 63.
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On Monday last week we covered the EURUSD which spent the remainder of the week moving back down to the key 1.11 level where it found more support. It had previously eased back below the key 1.12 level back into its popular range between 1.11 and 1.12 where it has spent considerable time in the last few months. It had moved strongly to close out last year and into the new year moving to a five month high near 1.1250, before easing.
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EIA United States Crude Oil Stocks Change
on December 18, 2019
| By Stuart McPhee
|
UKOil
Today at 3:30pm UK time. The EIA Crude Oil Stocks Change Indicator measures the number of barrels of commercial crude oil held by US companies. It is one of the indicators affecting world oil prices. F:-3.67 M, P:0.822 M. #UK Oil may retest 63.
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On Tuesday last week we covered UK Oil which spent the remainder of the week moving to a near three month high near $66. After meeting resistance at the key $63 level for several weeks, UK Oil was able to move higher and establish a new range above the key $63 level. During this time, it has found some support at the $63 level which bodes well for it to remain above there.
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EIA United States Crude Oil Stocks Change
on November 20, 2019
| By Stuart McPhee
|
UKOil
Today at 3:30pm UK time. The EIA Crude Oil Stocks Change Indicator measures the number of barrels of commercial crude oil held by US companies. It is one of the indicators affecting world oil prices. F:1.096 M, P:2.219 M. #UK Oil may retest 63.
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On Tuesday last week we covered UK Oil which continued to steady under and feel resistance from the key $63 levels, before finishing the week breaking through and moving to a seven week high. It has moved well off support at $60, and despite its recent break, it has now traded between $58 and $63 for the most part of the last two months. Selling has been steady at anything above $63 indicating how significant this level is, so it will be interesting to see if it receives any support from this level.
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UK Oil - Steady Under Key $63 Level as OPEC Lowers Forecast
on November 12, 2019
| By Stuart McPhee
|
UKOil
In the last week or so, UK Oil has steadied under resistance at the key $63 levels after moving well in the previous week off support at $60. It has now traded between $58 and $63 for the most part of the last two months as it has tested the latter level again in the last week. Selling has been steady at anything above $63 indicating how significant this level is presently.
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EIA United States Crude Oil Stocks Change
on November 6, 2019
| By Stuart McPhee
|
UKOil
Today at 3:30pm UK time. The EIA Crude Oil Stocks Change Indicator measures the number of barrels of commercial crude oil held by US companies. It is one of the indicators affecting world oil prices. F: 3.412 M, P: 5.702 M. #UKOil may test 63.
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On Tuesday last week we covered UK Oil which continued to ease lower through the week before surging higher to close out the week and to regain most of the week’s losses. In the last few weeks, UK Oil has moved higher back above the key $60 level looking higher towards another key level in $63, before easing during the last week away from this level. It has now traded between $58 and $63 for the most part of the last two months as it looks likely to test the resistance at $63 again.
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On Tuesday last week we covered UK Oil which spent the rest of the week trading very little in a narrow range between $59 and $60. It has traded in a narrow range for the best part of the last three weeks and moved a little above $60 a week ago before being sold back down. It established this range after falling sharply back in the three weeks prior. This fall started from a three month high above another key level in $68 which has provided some resistance in the last three months, which it reached after an incredible surge higher.
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