This week the Saudi and OPEC continued to point out the fact that there was no supply disruption and ample inventories. The rhetoric from Iran was down to a mumble with the Summit scheduled to begin on April 13th between western nations, OPEC producers and Iran.
Inventories this week showed a huge glut of oil, well over forecast for the past two weeks.
Earlier in the week, negative production reports from China, pushed the prices downwards but by midweek, positive market sentiment saw prices climb slightly, and then on Friday as Chinese data showed a drop in GDP, increased worries over Spain and a drop in consumer confidence in the US and a rise in inflation, markets backed off all commodities and moved to the safety of the USD. Oil fell to close the week at102.86, as is expected to continue to decline.
The Strategic Petroleum Reserve is the United States’ emergency oil stockpile, and it is the largest emergency petroleum supply in the world. The reserve stores about 570 million barrels of crude oil in underground salt caverns at four sites along the Gulf of Mexico. Any dipping into this reserve is going to be big news.
Technical Analysis April 16th - 20th, 2012
IndicatorsMoving Averages : Short
RSI : Neutral
Parabolic SAR : Neutral
CCI Neutral
Floor Pivot Points
3rd Sup: 115.53
2nd Sup :117.29
1st Sup: 119.34
Pivot : 121.10
1st Res : 123.15
2nd Res : 124.91
3rd Res : 126.96
Woodie’s Pivot Points
2nd Sup :117.36
1st Sup: 119.49
Pivot : 121.17
1st Res : 123.30
2nd Res: 124.98
Camarilla Pivot Points
4th Sup: 119.29
3rd Sup :120.34
2nd Sup :120.69
1st Sup : 121.74
1st Res : 121.04
2nd Res 122.09
3rd Res 122.44
4th Res 123.49
Fibonacci Retracement Levels
100.0% : 122.86
61.8% :121.40
50.0% :120.96
38.2% : 120.51
23.6% : 119.95
0.0% : 119.05
oil futures april 16 2012, crude next week,
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