Crude Oil Forecast: Rally Stumbles on API Inventory Build, OPEC Report

Sumary of Crude Oil Forecast: Rally Stumbles on API Inventory Build, OPEC Report:

  • However, OPEC did note a possible tailwind for oil prices due to rising natural gas prices.
  • The energy crunch across Asia and Europe sent prices for the heating gas soaring this year.
  • US prices are also higher, partially due to export demand from those energy crunches.
  • UK natural gas prices are up nearly 300% for the year, although the meteoric rise appears to be taking a breather.
  • That said, if natural gas prices continue to rise, it may likely drag oil prices higher alongside.
  • A larger-than-expected build may see prices ease, which could ease demand for crude oil from energy producers.
  • Crude Oil Technical ForecastPrices are hovering just above the psychologically imposing 80 handle.
  • The 161.8% Fibonacci extension from the late July to August move capped upside action earlier this week.

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