Entries by Ronald Welch

Recent News | West Texas Intermediate (WTI) – June 2018

West Texas Intermediate (WTI) closed higher last week at $69.36 as seasonal high demand witnessed inventories draw down last week of -5.9 million barrels with demand outpacing supply by 10 million barrels in the last 14 days. Prices remain bid and will soon reach our next target of $76.47 as June prices opened at $67.07 […]

Recent News | Energy Info. Admin. (EIA) Data Release – May 2018

Crude oil inventories data released yesterday, May 31,  witnessed a drawdown of 3.6 million barrels (MMBbl) for the week of May 20-26 according to the Energy Information Administration (EIA). The EIA report is released each week and measures the change in the number of barrels of crude oil held in inventory by commercial firms during […]

Oil Moves Lower This Week as US Dollar Gains

West Texas Intermediate (WTI) currently trades at 70.18 at this writing and is set to close lower this week after reaching a new 2018 high of 72.87, just a few dollars shy of the 76.47 target cited in our January 2018 forecast.  Oil moved lower this week mostly due to strong gains in the US dollar and a surprise surplus […]

Oil Reaches $71.85, Next Target $76.47

West Texas Intermediate reached $71.85 last week, just shy of the $71.93 target cited in my March 3rd forecast. The new 2018 high of $71.85 is the highest price for a barrel of oil since November 2014. At that time, crude oil inventories were in a surplus as prices in the months to follow would eventually fall […]