WTI Crude Oil and Natural Gas Forecast January 30, 2018 WTI Crude Oil and Natural Gas Forecast January 30, 2018
The WTI Crude Oil market fell a bit during the trading session on Monday, testing the $65 level. That of course is an area that has a lot of psychological importance to it, and of course the resistance that we had seen before. I think that bouncing from that level suggests that we are going to see buyers jump back into the market rather soon. Hedge funds are piling into crude oil, despite the overbought condition. I think that pullbacks of this point should continue to offer value the people are willing to take advantage of, and I think that the $63 level is a bit of a floor. If we break down below the $63 level, it’s likely that the $60 level will be targeted next. Longer-term, if we rally from here it’s likely that the market goes to the $67.50 level, and then eventually the $70 level. The US dollar has been very soft as of late, and that of course continues to help.
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