Friday March 13, 2009

NYMEX crude oil near $47 after surge as OPEC weighs production cut

bloomberg.com :

Crude oil prices traded near $47 a barrel, set for a fourth week of gains, as OPEC prepares to meet to consider a cut in output. Crude oil for Apr 2009 delivery was at $46.59 per barrel at 2:36 p.m. Singapore time on NYMEX. Yesterday, futures rose 11% to $47.03, the most since 19 Feb 2009. Prices have advanced 4.6% this year and gained 2.5% this week. OPEC has reduced daily output targets by 4.2 million barrels since Sep 2008. Ministers will meet in Vienna on March 15 to discuss whether to make further cuts.

- Using basic TA, while keeping in mind that technical analysis isn't much of an exact science, we could be looking at an impending 50/200-dma crossover event as crude oil prices start to rise from a 3-month period of consolidation. After 3 long months of attempted and failed rallies, and a bruising $100 fall from the $147.27 record, oil bulls could probably be excused if they are feeling rather skeptical about the latest price movements. If it goes back below $45 or $40, oil bulls will head back to the bunker. But as long as oil remains over $45, there is some reason for hope. If it gets past $47, the $100 argument no longer applies. And if it goes over $50, we're off to the races.

See also :

1. NYMEX crude oil falls more than $100 from Jul 2008 record on US recession, OPEC production cut delay
2. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
3. NYMEX crude oil prices fall below $40 as demand drops faster than supply
4. NYMEX crude oil rises above $41 and off $32.70 lows as OPEC may cut production further

(2009-03-13 16:31:51 SGT) [Energy] Permalink

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