Will US Crude Oil Prices Be Range-Bound this Week?
Energy calendar this week
Let’s track some important events for crude oil and natural gas from July 24 to 28, 2017.
- July 24: the OPEC and non-OPEC monitoring committee meeting in Russia
- July 25: the American Petroleum Institute will release its weekly crude oil inventory report
- July 26: the EIA (U.S. Energy Information Administration) will release its weekly crude oil inventory report
- July 27: the EIA will release its weekly natural gas storage report
- July 28: Baker Hughes will release its US oil and gas rig count report
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Crude oil futures
High and low
US crude oil futures
September US crude oil (IXC)(IYE) futures are above their 20-day moving averages of $45.59 per barrel as of July 21, 2017. They’re just below their 50-day, 100-day, and 200-day moving averages of $46.96, $47, $49, and $51.5 per barrel as of July 21, 2017. The moving averages suggest that prices could trade between 20-day and 200-day moving averages.
US crude oil futures’ key support level is at $45 per barrel. In contrast, US crude oil futures’ key resistance level is $50 per barrel.
On July 24, 2017, the OPEC and non-OPEC monitoring committee meeting is taking place in Russia. If OPEC announces any surprise longer or deeper productions cuts, it might drive oil prices higher. Otherwise, prices could be range-bound this week.
In the next part of this series, we’ll look at how Cushing crude oil inventories impact prices.