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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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EIA United States Crude Oil Stocks Change
on October 9, 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: -0.193 M, P: 3.104 M. #UK Oil may test 60.
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On Tuesday last week we covered UK Oil which spent the rest of the week drifting lower before reversing and moving back above the key $58 level. In the last three weeks UK Oil has fallen sharply back to its popular trading range between the key levels of $58 and $60. 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. Just prior to the surge it has eased back towards the key $60 level, as throughout most of August UK Oil traded within a narrow range mainly between $58 and $60 with the former level providing some support, which it is doing again now.
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UK Oil - Drops Sharply Below Key $60 Level on Saudi Output Recovery
on October 1, 2019
| By Stuart McPhee
|
UKOil
The last two weeks has seen UK Oil fall sharply back to its popular trading range between the key levels of $58 and $60. 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. Just prior to the surge it has eased back towards the key $60 level, as throughout most of August UK Oil traded within a narrow range mainly between $58 and $60 with the former level providing some support.
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EIA United States Crude Oil Stocks Change
on September 25, 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: -6.501 M, P: 1.058 M. #UKOil may test 68.
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