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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:-2.721 M, P:1.58 M. #UKOil may test 58.
Read MoreUK Oil - Returns to Key $60 Level on Rising Tensions and Trade Wars
on August 20, 2019
| By Stuart McPhee
|
UKOil
In the last week or so UK Oil has traded within a narrow range between $58 and $60 with the former level providing some support. Despite the rally in the last two days, UK Oil still remains close to its seven month low after falling sharply back through the key $63 level three weeks ago. It had been enjoying solid support from the $63 level for more than one month before the strong fall, and this consolidation may have allowed it to potentially threaten the next significant level of $68.
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On Tuesday last week we covered UK Oil which dropped even further before rallying a little to finish the week. In the last week UK Oil fell sharply back to the key $63 level and through down to its lowest level in almost two months to another support level at $60, before dropping further again.
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EIA United States Crude Oil Stocks Change
on August 7, 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:-6.28 M, P:-8.496 M. #UKOil may test 63.
Read MoreUK Oil - Eases Below Key $63 Level to $60 on Rising Tensions and Trade Wars
on August 6, 2019
| By Stuart McPhee
|
UKOil
In the last few days or so UK Oil has fallen sharply back to the key $63 level and through down to its lowest level in almost two months to another support level at $60. In the last two weeks or so, UK Oil had been enjoying support from $63 before the sharp drop lower three days ago, and this level may have allowed it to consolidate there and potentially threaten the next significant level of $68. It recently met stiff resistance at $68 which has suppressed prices for the last two months.
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On Tuesday last week we covered UK Oil which spent the rest of the week resting on the support at $63. In the last week or so UK Oil fell sharply back to the key $63 level where it enjoyed some solid support. It met stiff resistance at $68 which has suppressed prices for the last two months and this level will again play a role should oil rally. Over the last month or so it has slowly moved higher from a three month low below $60, and for more than one month now, oil has enjoyed some support from the $63 level.
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EIA United States Crude Oil Stocks Change
on July 24, 2019
| By Stuart McPhee
|
UKOil
Today at 3:30pm UK time. The Energy Information Administration's (EIA) Crude Oil Stocks Change Indicator measures the number of barrels of commercial crude oil held by US companies and is one of the indicators affecting oil prices. F:-6.326 M, P:-3.116 M. #UKOil may test 60.
Read MoreUK Oil - Settles Around Key $63 Level on Rising Tensions
on July 23, 2019
| By Stuart McPhee
|
UKOil
In the last week or so UK Oil has fallen sharply back to the key $63 level before rallying up in the last two days. It met stiff resistance at $68 which has suppressed prices for the last two months. Over the last month or so it has slowly moved higher from a three month low below $60. In the last month or so oil has enjoyed some support from the $63 level and this support may allow it to consolidate here and then potentially threaten the next significant level of $68. In early June, oil did well to consolidate by trading in a narrow range roughly between $60 and $63, after falling sharply in the few weeks before.
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On Tuesday last week we covered UK Oil which spent the remainder of the week rallying higher and moving towards the key $68 level. In the last two weeks UK Oil has crept up back above the key $63 level after it has spent the last month climbing higher from a three month low below $60. In the last two weeks it has enjoyed some support from the $63 level and as expected this support allowed it to consolidate and threaten the next significant level of $68.
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EIA United States Crude Oil Stocks Change
on July 10, 2019
| By Stuart McPhee
|
UKOil
Today at 3:30pm UK Time. The Energy Information Administration's (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:-6.92 M, P:-1.085 M.
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