TechnoMeter

WTI Crude Oil Price came within a whisper of the 2016 high on Tuesday after hitting $50.10 in mid-morning trading ahead of July Contract expiration. Regardless of recent force, the CL1 June contract has seen a May price range of ~14% (43.03-50.21) that may be slowing down but does not appear done.



After being the laughing stock of markets, Oil Bulls are looking at the longest run of gains in five years as they look to add another month to the streak of consecutive gains. While little is expected of the OPEC meeting this week, with some calling it a non-event, there is plenty to be on the watch for this week including the European Central Bank as well as the May Non-Farm Payroll release on Friday morning.

Additionally, escalations in Libya continue to hold Oil trader’s attention. However, larger risk-sentiment as seen via the SPX500 so far has continued to favor the view that the stock of supply as seen in the weekly API & EIA inventory data that is pushed back one day this week due to US Holiday’s on Monday will continue to show a draw due to increased demand.


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