Are Crude Oil Prices Going Lower ?

18 Dec in Blog, commodity consulting, crude oil futures, heating oil futures, natural gas futures, Unleaded gas futures

Crude Oil Futures--- Crude oil futures in the January contract settled last Friday in New York at 36.62 a barrel while currently trading at 34.88 down slightly for the trading week continuing its bearish trend as I was recommending a short position in heating oil offsetting that position last Monday as I’m currently sitting on the sidelines in the energy complex. At the current time crude oil prices are trading far below their 20 and 100 day moving average as this market seems to be headed lower in my opinion, but I am a little concerned that everybody is extremely bearish and generally when everybody’s on one side of the boat that can be a dangerous indicator in my opinion.

The commodity markets in general look very weak as there is the possibility in my opinion that prices can trade down to $25 as OPEC not only did not cut production they increased production as they are playing chicken with world production trying to push prices lower sending many other countries including the United States out of producing oil as Saudi Arabia can still be profitable even if these lower levels as many other countries cannot as they will have to slow down production.

If you have not been involved in crude oil look at other markets that are beginning to trend as clearly you missed the boat but I’m not certainly recommending any type of bullish position as I do think prices are going lower as the trend is your friend and this trend is getting stronger on a weekly and monthly basis. TREND: LOWERCHART STRUCTURE: POOR

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