Where is Crude Oil Price Headed? / Commodities / Crude Oil

With the OPEC+ meeting on Thursday,oil looks to be in a corrective phase, as pressure is on for more crude. Are welooking at bearish winds ahead?

Crude oil prices have started theircorrective wave, as we are approaching the monthly OPEC+ group meeting onThursday, with some market participants now considering the eventuality of alarger-than-expected rise in production.

Inventory levels of US crude oil, gasoline and distillates stocks, AmericanPetroleum Institute (API) via Investing.com

Regarding the API figures publishedTuesday, the increase in crude inventories (with 3.594 million barrels versus1.567 million barrels expected) implies weaker demand and is normally bearishfor crude prices.

Meanwhile, in the United States, theaverage price of fuel stabilized on Tuesday after several weeks of increase,according to data from the American Automobile Association (AAA), however,that’s 60% higher than a year ago.



Chart – WTI Crude Oil (CLZ21) Futures(December contract, 4H chart)

Insummary, we are now getting some context on how the oil market might develop inthe forthcoming days, with some crucial events to monitor as they could have astrong impact on the energy markets, and particularly on the supply side.

My entry levels forNatural Gas were triggered onMonday (Nov.1), and I’m updating my WTI Crude Oil projections.

Havea nice weekend!

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Thank you.
Sebastien Bischeri

Oil & Gas Trading Strategist
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