WTI Crude Oil and Natural Gas Forecast February 27, 2017

 

The WTI Crude Oil market fell during the day on Friday as we continue to see a significant amount of volatility just below the $55 level. Even though the markets got a better than expected inventory number this week, the reality is that we are still seeing the inventories grow, and that of course continues to put a bit of weight upon the market. The $55 level has been massively resistive to begin with, so having said that I think if we can break above there, the market will then reach towards the $60 handle. However, in the meantime I think we are very likely to find sellers jump in. If we can break down below the $53.50 level, the market could continue to go much lower. Longer-term, I believe in the selling story but right now I think it’s still a bit early. For more daily news and technical analysis visit: http://www.dailyforex.com