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Thursday 14 January 2016

WTI Oil balances above $30 ; 14 Jan 2015

 WTI  Oil encountered another aggressive depreciation on Wednesday with prices edging closer to the psychological $30 support following reports from the Energy Information Administration showing a huge increase in gasoline stockpiles.Oil remains under intense pressure and this latest sharp rise in Gasoline stockpiles has intensified the growing concerns around the excessive oversupply in the markets which is consequently encouraging sellers to attack prices further.The punishment of falling oil prices has already caused conflicting opinions between OPEC members with Nigeria's minister of state for petroleum resources, Emmanuel Kachikwu, previously suggesting an emergency meeting, but this proposition was briskly rejected by UAE Energy Minister Suhail bin Mohammed al-Mazroui, who believes that OPEC's strategy is working effectively.
It remains very clear that OPEC is willing to leave production unchanged and with no clear signs of an emergency meeting taking place despite the aggressive decline in prices, it may only be a matter of time before WTI breaks below $30.From a technical standpoint, prices are heavily bearish on the daily timeframe as there have been consistently lower lows and lower highs. Prices are trading below the daily 20 SMA and the MACD has also crossed to the downside. A solid daily close below $30 may encourage sellers to send prices towards $29.


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