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NYMEX Light Sweet Charts

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NYMEX Light Sweet is beginning to close its weekly triangle.  Prices have struggled to move higher in 2013 due to a strengthening USD and a weak demand outlook in light of increasing production.  The 2013 Oil Market Report issued by IEA for May highlighted the increased global oil demand forecast by a marginal 65 kb/d for 2013, to 90.6 mb/d, due mainly to upward revisions to German gas/oil data for 2012.

Crude Weekly


NYMEX 30 Minute Chart:

Crude 30 Min

Overall, the outlook on the oil complex is bearish as OPEC announced seaborne oil shipments would rise by 220K barrels a day in the four weeks to June 1 (during May), compared with the previous four-week period.  With the recent insight into the still weak US housing market and industrial market, expect prices to decline as more product is pumped into inventories and the USD continues to appreciate.

USD

USD Daily Chart:


Posted to Sang Lucci's On-Demand Opti… on May 17, 2013 — 2:05 PM
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