Oil Prices - July 13
Posted: Fri Jul 13, 2012 6:49 pm
IMO WTI closing over $86/bbl for the week is a very bullish signal. The August contract has been in a range of $82 to $86 since June 1st, except for the dip to $78/bbl near the end of June that did not last long. The last 8 trading days it appears to have establishe a new trading range of $84-$88. Who knows what happens in the weeks ahead but the chart is definitely looking better. - dan
Recap Energy Market Report
Fri 13 Jul 2012 14:54:00 CT
Related Keywords: Energy Share on emailShare on printShare on facebookShare on twitterShare on google_plusone August crude oil rallied throughout Friday's session, fueled by an improvement in outside market sentiment, Chinese growth data that was not quite as bad as some feared and weakness in the US dollar. The optimism in the market helped August crude oil breakout from recent congestion to its highest level since July 5th. Meanwhile, August Brent crude oil broke out to its best level since May 31st and outperformed the gains in West Texas Intermediate. This came in the wake of tightening supply concerns in the North Sea region, which widened the premium of August Brent vs. WTI by $0.70. August WTI crude oil finished the week with a gain of 3.1%.
Recap Energy Market Report
Fri 13 Jul 2012 14:54:00 CT
Related Keywords: Energy Share on emailShare on printShare on facebookShare on twitterShare on google_plusone August crude oil rallied throughout Friday's session, fueled by an improvement in outside market sentiment, Chinese growth data that was not quite as bad as some feared and weakness in the US dollar. The optimism in the market helped August crude oil breakout from recent congestion to its highest level since July 5th. Meanwhile, August Brent crude oil broke out to its best level since May 31st and outperformed the gains in West Texas Intermediate. This came in the wake of tightening supply concerns in the North Sea region, which widened the premium of August Brent vs. WTI by $0.70. August WTI crude oil finished the week with a gain of 3.1%.