Technical & Fundamental Oil Reports Specialists

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ICE is confusing – NYMEX is negative

Published Friday, March 14th, 2014

April ICE: From this chair it is not easy to read this contract. Two days of sell-off on Monday and Tuesday was followed by two days of strength but the market is weakening again this morning. All the daily short-term M/As were closed back over yesterday so shorts probably have covered. The market is back below these technical indicators meaning that lower numbers could take place today. Given the choppy nature of the contract, however, the daily M/As are losing relevance and the developing range is becoming more significant. In other words there are no targets either way whilst the contract is in its new range. The bottom end is the daily low from last week at 57.00.

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Posted by Tamas Varga

Tamas Varga has been in the oil industry since 1992 and with PVM for 18 years. During his time in the industry he has gathered a range of experience in the oil markets. At PVM Tamas is in charge of data collection and analysis.