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By EconMatters

By EconMatters

A sleepy Friday where we touched $39 a barrel briefly before profit taking into the European close. We have near term support for WTI at $37.22 for the April contract, with the next level of stronger support at the $36.12 area on the charts. If we break $36 a barrel this will signal weakness as we will be breaking back down from where we recently broke out of from a trading range.

By EconMatters

We look to be basing right now for a higher move in the oil market into summer. We are headed for another higher week for oil prices, and the uptrend continues.

https://www.youtube.com/watch?v=fJPXr3t9VEY

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By EconMatters

Gasoline demand is driving the oil complex higher, relatively strong gasoline numbers on the refinery input side and the gasoline demand side of the equation. Brent should test $44 a barrel pretty soon, unless something dramatically happens that is unforeseen as of today.

https://www.youtube.com/watch?v=AlQKxl_ii-E

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By EconMatters

The API Report Much Better than Expected. The EIA Report will be out tomorrow, focus on the U.S. Production Number - the most important element of the report. How many more EIA Reports until we break the 9 Million Barrel per day threshold in U.S. Oil Production.

https://www.youtube.com/watch?v=yRr1pWpnO5E