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Crude Oil Price Forecast: Possible Daily Bullish Breakout

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by , 08-24-2018 at 06:40 AM (546 Views)
      
   
Backwardation is rising again, and thatís good news for bulls. The spread between December 2018 and December 2019 has widened in favor of Dec. 18 showing a demand premium that will likely continue to support the bullish argument. The rise came after the largest stockpile drawdown of crude in the US in four weeks per weekly EIA data.

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Weekly EIA data showed a bigger-than-expected draw of nearly six million barrels against an expectation of two million barrels making for a bullish read on the weekly inventory report. The USí strategic petroleum reserve (SPR) was a part of the petroleum report that showed a drawdown of 2.5 million barrels.

Markets are in high demand-season in late-August, but in prior weeks the trade war rhetoric had taken over to make fears of lower global demand the running theme that markets were pricing. WTI & Brent now is only trailing the NASDAQ as the best performing global asset showing it holds a similar resilience as equities despite concerning narratives that continue to float.

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