A review of Spread Betting on Oil Futures.
Spread Betting on Oil Futures
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Spread Betting on Oil Futures - 11 May 2012
The price of US crude oil futures saw a timid rebound of $0.63 to $97.08 yesterday. This was, by and large, driven by a rally in the global shares markets, coupled with a slightly weaker US dollar.
It might also be the case that, after the steep fall from a high of $106.43, the market could have been expected to take a breather.
Nevertheless, the short term trend remains firmly bearish, so yet another attempt to break convincingly below $96.00 could be on the cards.
Spread Betting on Oil Futures - 10 May 2012
The price of US crude oil fell in early trading on fears of an escalation in Greece's debt troubles. However, a mixed bag from the Energy Information Administration's weekly inventories report somehow offered a late recovery.
From a technical analysis point of view, we did have another test of the support just below $95.50. Although a recent low was posted at $95.17, the market saw bargain hunters pushing the price back up. Overall, the US crude oil market lost $0.57 to $96.81.
Spread Betting on Oil Futures - 09 May 2012
Besides the political turmoil in Greece, on Tuesday, we also had the Saudi Oil Minister Ali Naimi saying that oil prices were too high.
That added downward pressure to the US crude oil price which continued its plunge to $97.01, 95¢ lower for the session.
From a technical point of view though, it was the second time US crude oil prices found good support around the $95.50 level and rebounded. Although another test looks underway, watch out for repeated failures to break the support.
Spread Betting on Oil Futures - 08 May 2012
There is no crude oil market commentary today. However you can see the latest energies technical analysis on:
Spread Betting on Oil Futures - 04 May 2012
The price of Nymex crude oil posted a steep fall of $2.68 yesterday, crossing below the short term moving averages and settling at $102.54, a level not seen since 23 April.
Discouraged by the seemingly anaemic US recovery, buyers did not want to take on the extra risk of a potentially bad number in the Non Farm Payrolls report.
Instead they closed their long positions, deciding to wait for further confirmations of growth. This morning Nymex is looking a little pressured, down $0.50 at $102.00.
Spread Betting on Oil Futures - 03 May 2012
The US Department of Energy released its weekly oil inventories report yesterday, showing a rise of 2.8 million barrels in crude stocks. This was more than analysts' earlier estimates for an increase of 2.3 million barrels.
Perhaps more importantly, the overall level of crude inventories has reached the highest mark since September 1990. This hurt the price of US crude oil by $0.76, falling to a close of $105.22.
In contrast, gasoline stocks fell by 2 million barrels, versus expectations of a drop of 0.9 million barrels, which may have limited the slump in oil prices.
Spread Betting on Oil Futures - 02 May 2012
The economic recovery in the US has continued to remain fairly resilient, as indicated by yesterday's positive manufacturing data, despite speculation of slowing activity.
Crude oil spread betting investors were quick to react, pushing US crude above the $106.00 resistance level and scoring a $1.27 gain for the day, closing at $106.16.
The upcoming reversal of the Seaway pipeline may have also played a supporting role as it could clear the glut in the US crude oil market. This morning US crude is just a little softer at $105.75.
Spread Betting on Oil Futures - 01 May 2012
Growing worries regarding the European economic outlook, as Spain slipped back into recession, weighed on US crude oil prices in yesterday's morning session.
Although the US economic figures also painted a negative picture, a late rebound in the stock market helped the energy sector regain some composure.
In the end, the price of US crude oil closed only marginally down, falling $0.06 to $104.87.
Spread Betting on Oil Futures - 30 April 2012
The price of WTI crude oil was on the back foot on Friday after the US economy showed weaker than expected growth.
However, the usual suspects, a rebounding equity market and a weaker US dollar, reversed the daily trend and pushed crude prices into positive territory, up $0.83 to $104.93.
In addition, some energy investors may have chosen to close their short positions that were established in the morning, unwilling to stay exposed over the weekend.
Spread betting and CFD trading carry a high level of risk and you can lose more than your initial deposit so you should ensure spread betting or CFD trading meet your investment objectives and if necessary seek independent advice.
Market Commentry from Financial Spreads.
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With financial spread betting you can lose more than your original stake or investment. Spread betting carries a high level of risk to your capital. Please familiarise yourself with the risks that are involved and before trading, ensure that financial spread betting matches your investment objectives. Seek independent advice where necessary.
Spread Betting on Oil Futures - edited by MJ, 11 May 2012.
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With spread betting you can lose more than your original stake or investment. Spread betting carries a high level of risk to your capital so please familiarise yourself with the risks that are involved and, before trading, ensure that spread betting matches your investment objectives. Seek independent advice where necessary.
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