Weekly Crude Oil Report From DGCX

WTI oil prices retested USD72 toward the end of last week, after approaching USD68 on Monday 14 September. Prices may continue to face resistance at USD75 over the near-term as the fundamentals do not yet support a strong move higher. According to Energy Information Administration, U.S. crude oil stocks have been declining but remained above 22 days of supply as of 11 September. With the supply – demand balance still weak, oil may continue to trade on improving economic conditions and changes in the U.S. dollar.

However, current prices levels already may account for the expected uptick in energy demand following an end to the economic contraction. A move toward USD80 therefore seems unlikely over the next few weeks. Prices may remain locked in a range this week, reaching for USD75 if the bullish economic news flow continues or falling closer to USD65 if economic uncertainty resurfaces.

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