{"id":11596,"date":"2015-03-05T00:37:20","date_gmt":"2015-03-05T05:37:20","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=11596"},"modified":"2015-03-05T00:37:20","modified_gmt":"2015-03-05T05:37:20","slug":"crude-in-contango","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2015\/03\/05\/crude-in-contango\/","title":{"rendered":"Crude in contango"},"content":{"rendered":"

Nymex WTI Light Crude is testing resistance at $54\/barrel, while Brent Crude is at $62\/barrel. WTI above $54\/barrel would signal a bear market rally, but is likely to leave the primary trend unaltered. Breach of support at $45\/barrel would signal another decline.<\/p>\n

\"Nymex<\/p>\n

The crude oil market is in contango, with spot prices lower than future prices, encouraging traders to store oil until prices rise. But Leslie Shaffer reports<\/a> that oil storage is nearing full capacity:<\/p>\n

“We’re going to see pretty fast inventory builds over the next few weeks,” Francisco Blanch, head of commodity research at Bank of America-Merrill Lynch, told CNBC Wednesday, noting that global supply is running around 1.4 million barrels a day above demand.<\/p>\n

“If you run out of space, prices tend to react a lot more violently to adjust that supply and demand imbalance and that’s what we expect over the next few weeks,” he said, forecasting both WTI and Brent will fall toward $30 a barrel.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Nymex WTI Light Crude is testing resistance at $54\/barrel, while Brent Crude is at $62\/barrel. WTI above $54\/barrel would signal a bear market rally, but is likely to leave the primary trend unaltered. Breach of support at $45\/barrel would signal another decline. The crude oil market is in contango, with spot prices lower than future … <\/p>\n

Continue reading “Crude in contango”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[44],"tags":[495,2529],"class_list":["post-11596","post","type-post","status-publish","format-standard","hentry","category-crude-oil-natural-gas","tag-brent-crude","tag-nymex-wti-light-crude"],"yoast_head":"\nCrude in contango - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude in contango - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Nymex WTI Light Crude is testing resistance at $54\/barrel, while Brent Crude is at $62\/barrel. WTI above $54\/barrel would signal a bear market rally, but is likely to leave the primary trend unaltered. Breach of support at $45\/barrel would signal another decline. 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Breach would signal a decline, with a medium-term target of $35\/barrel*. * Target calculation: 45 - ( 55 - 45 ) = 35 Saturation of available storage capacity (see Crude in Contango) is expected to force sellers into\u2026","rel":"","context":"In "Crude Oil & Natural Gas"","block_context":{"text":"Crude Oil & Natural Gas","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/crude-oil-natural-gas\/"},"img":{"alt_text":"Nymex WTI Light Crude and Brent Sweet Crude","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-03-12-crude.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-03-12-crude.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-03-12-crude.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":11949,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/06\/17\/crude-where-next\/","url_meta":{"origin":11596,"position":1},"title":"Crude: Where next?","author":"ColinTwiggs","date":"June 17, 2015","format":false,"excerpt":"Nymex Light Crude plotted against CPI gives an historical perspective on current crude prices: high prior to China's entry into the global energy market, but low relative to prices since then. Expect strong support at the 2008 low. Has fracking permanently suppressed oil prices, or will production dwindle over time\u2026","rel":"","context":"In "Crude Oil & Natural Gas"","block_context":{"text":"Crude Oil & Natural Gas","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/crude-oil-natural-gas\/"},"img":{"alt_text":"Nymex WTI Light Crude and Brent Crude","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-06-18-crude-cpi.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-06-18-crude-cpi.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-06-18-crude-cpi.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":12065,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/07\/15\/will-iran-deal-nuke-crude\/","url_meta":{"origin":11596,"position":2},"title":"Will Iran deal nuke crude?","author":"ColinTwiggs","date":"July 15, 2015","format":false,"excerpt":"The nuclear deal with Iran is likely to increase supply of crude oil, especially in European markets, driving down prices. Brent crude August 2015 contract (CBQ15 above) is testing support at $56 per barrel. Narrow consolidation suggests continuation of the down-trend. Breach of $56 would signal a test of primary\u2026","rel":"","context":"In "Crude Oil & Natural Gas"","block_context":{"text":"Crude Oil & Natural Gas","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/crude-oil-natural-gas\/"},"img":{"alt_text":"Brent Crude August 2015 Futures","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-07-15-cbq15.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-07-15-cbq15.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-07-15-cbq15.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":10747,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/08\/27\/crude-and-bulk-commodities-fall-but-nickel-aluminum-rally\/","url_meta":{"origin":11596,"position":3},"title":"Crude and bulk commodities fall but nickel, aluminum rally","author":"ColinTwiggs","date":"August 27, 2014","format":false,"excerpt":"Crude oil prices are falling. Nymex Light Crude is testing primary support at $92\/barrel and Brent Crude at $99\/barrel. Breach of support would signal a down-trend. Commodity prices remain low, in line with sluggish world trade. CLSA chart: World Trade vs Commodity Prices pic.twitter.com\/o8BpGua7ec\u2014 Market Timing (@Market_Time) August 25, 2014\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"Nymex WTI Crude","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-08-27-crude.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-08-27-crude.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-08-27-crude.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":11783,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/05\/07\/crude-reversal-or-bear-rally\/","url_meta":{"origin":11596,"position":4},"title":"Crude: Reversal or bear rally?","author":"ColinTwiggs","date":"May 7, 2015","format":false,"excerpt":"Inflation-adjusted crude oil prices are close to their 2008 low, but if we look back to the 1980s and 1990s, prior to China's entry into the markets (apart from a brief spike in September 1990) that was the 20-year high. Nymex light crude rallied since breaking resistance at $54\/barrel, but\u2026","rel":"","context":"In "Crude Oil & Natural Gas"","block_context":{"text":"Crude Oil & Natural Gas","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/crude-oil-natural-gas\/"},"img":{"alt_text":"Nymex WTI Light Crude over CPI","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-05-07-crude-cpi.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-05-07-crude-cpi.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-05-07-crude-cpi.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":9147,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/02\/05\/crude-nymex-wti-down-trend\/","url_meta":{"origin":11596,"position":5},"title":"Crude: Nymex WTI down-trend","author":"ColinTwiggs","date":"February 5, 2014","format":false,"excerpt":"Nymex Light Crude is headed for another test of resistance at $100\/barrel. Respect of resistance is likely, given the primary down-trend, and would suggest another test of primary support at $92\/barrel. Breach of primary support would offer a target of $84\/barrel*. Recovery above $100 is unlikely and another 13-week Twiggs\u2026","rel":"","context":"In "Crude Oil & Natural Gas"","block_context":{"text":"Crude Oil & Natural Gas","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/crude-oil-natural-gas\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/11596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=11596"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/11596\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=11596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=11596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=11596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}