CL/WTI: Short Review & Middle-term Forecast

Hurricane Harvey caused huge damage to the oil industry in the USA. The market did not know how to react while we have positive data from OPEC.

Technical Analysis
01 Sep 2017
CL/WTI: Short Review & Middle-term Forecast

This week the oil market was under the influence of hurricane Harvey, which stopped a significant part of oil refineries in the United States. Moreover, 11 ports have been closed, so they could not accept oil tankers for unloading. The Ministry of Energy in the USA had to spend 500 000 barrels of oil from the strategic oil reserves to prevent a deficit. Gasoline futures in the US increased in price, reaching two-year highs. As for oil prices, they didn't increase and continue in the frames of the flat trend with a wide range formed in August 2016.

Overall, the market has a negative perception of the situation that formed due to the hurricane, but the damage caused to the oil and petrochemical industry has not been determined yet. Market volatility remains low. Some support for oil prices was brought by a report from OPEC: the volumes of oil extraction in August fell by 170,000 barrels per day.

In this situation the most optimal option would be the deal to BUY in the short term. The aftermath of the hurricane at the moment seems underrated. There is a perspective for a temporary decrease of oil reserves in the US, together with less oil refining.

SuperForex
USD/CHF Technical Analysis & Daily Chart

Technical Analysis

USD/CHF Technical Analysis & Daily Chart

Amid new economic data from the United States we expect the USD/CHF to continue its bullish movement.

SuperForex
31 Ogo 2017
XAU/USD: Short Review & Forecast

Technical Analysis

XAU/USD: Short Review & Forecast

A new round of geopolitical tensions rapidly raised the value of Gold to its 10-month maximum.

SuperForex
30 Ogo 2017
USD/JPY Technical Overview & Daily Chart

Technical Analysis

USD/JPY Technical Overview & Daily Chart

The USD/JPY pair has been declining little by little but we see some signs that it might return to its bullish movement soon.

SuperForex
29 Ogo 2017