We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Bullish
USD/JPY
Bullish
Gold
Mixed
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Bullish
More View more
Real Time News
  • Greed has proven to be a hindrance more than assistance for traders. How does greed impact your trading? Find out from @RichardSnowFX here: https://t.co/aT8TZjlFqP https://t.co/C4vrTm69sE
  • Central bank independence has several advantages and disadvantages. Find out what they are in-depth with @MartinSEssex here: https://t.co/wVFXbbTxf1 https://t.co/WkwZK6wtzy
  • The $GBPUSD may be carving out a 4-year bearish candlestick pattern as the $EURGBP downtrend prolongs. GBP/JPY may rise but be wary of #Brexit risks clouding technical analysis. Get your GBP market update from @ddubrovskyFX here: https://t.co/wzV4fygKWe https://t.co/hpDmrh0LLo
  • Get your technical setups for the British Pound ahead of the key #Brexit vote in Parliament this weekend here $GBPUSD $EURGBP $GBPJPY - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/10/19/GBPUSD-EURGBP-GBPJPY-Technical-Analysis-Amid-Brexit-Deal-Vote.html?CHID=9&QPID=917702 https://t.co/TBdvAY6GN2
  • The Australian Dollar could reverse gains if #Brexit is forced to be delayed. Global growth slowdown woes and other fundamental risks may also undermine $AUDUSD upside progress. Get your $AUD market update from @ddubrovskyFX here: https://t.co/VAs2C3cpQj https://t.co/9mqJ0DSLZZ
  • Here is my trading video for the week ahead: '$EURUSD, #Pound, Volatility - The Biggest Risks and Opportunities Ahead' https://www.dailyfx.com/forex/video/daily_news_report/2019/10/19/EURUSD-Pound-Volatility---The-Biggest-Risks-and-Opportunities-Ahead-.html
  • $GBPUSD is on the verge of pushing above five-year resistance. A break above with follow-through may precede considerable upside movement. Get your GBP/USD market update from @ZabelinDimitri here: https://t.co/0qfh7TRWJn https://t.co/GImIwuGodX
  • The $AUD may resume its downtrend while the #ASX 200 stock index powers higher as dovish monetary policy drives interest rates lower. Get your market update from @IlyaSpivak here: https://t.co/UPlHZrt6c2 https://t.co/EIIf9xackw
  • (Fundamental Forecast) Australian Dollar Could Wilt if Brexit Delayed, Growth Risks Hang $AUDUSD #Brexit - https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2019/10/19/Australian-Dollar-Could-Wilt-if-Brexit-Delayed-Growth-Risks-Hang.html?CHID=9&QPID=917702 https://t.co/2aOYhblN3g
  • The $USD faces selling pressure against the Malaysian Ringgit and Philippine Peso. More losses may be in store in $USDMYR as $USDPHP descends through rising support from 2013. Get your market update from @ddubrovskyFX here: https://t.co/t3kmFpmg1w https://t.co/miBrgxmtkA
Crude Oil Price Sinks 4.5% as Bullish Conviction Ebbs

Crude Oil Price Sinks 4.5% as Bullish Conviction Ebbs

2019-05-30 21:27:00
Rich Dvorak, Junior Analyst
Share:

OIL PRICE – TALKING POINTS

  • Crude oil cratered 4 percent Thursday as the commodity inked its 5th day of losses in the last 8 sessions
  • US Department of Energy (DoE) inventory data disappointed with a less-than-expected drawdown
  • Oil traders show signs of unwinding bullish bets which is likely accelerating selling pressure
  • Find out How to Trade Crude Oil or read up on these Crude Oil Facts for additional information

Crude oil price swooned on Thursday to $56.46/bbl – its lowest level since March 11. The selloff was sparked after the latest DoE crude oil inventory data showed a stockpile reduction of 282K barrels, which compares to an estimate of a 1,360K barrel drawdown and a previous build of 4,740K barrels.

CRUDE OIL PRICE CHART: DAILY TIME FRAME (DECEMBER 18, 2018 TO MAY 30, 2019)

Crude oil price chart technical analysis

Today’s sharp drop in crude oil marks the 6th decline in excess of 1 percent this month as oil bulls begin to lose conviction. The aggressive selling in crude has now pushed oil prices below key technical support around the 38.2 percent Fibonacci retracement level drawn from the December 24 low to the most recent high printed on April 23. The 50 percent retracement level near $55/bbl could be a probable downside target as oil bears gain momentum. Also, recent selling pressure threatens to accelerate with oil prices hinging on global growth risks and if speculative traders further unwind long bets.

CRUDE OIL TRADER SENTIMENT

Crude oil price chart trader sentiment

Check outthis real-time Client Positioning Sentiment Tracker to see the bullish and bearish biases of EURUSD, GBPUSD, USDJPY, Gold, Bitcoin, and S&P500 traders.

According to IG client positioning data, 58.0 percent of crude oil traders remain net-long with the ratio of longs-to-shorts at 1.38. Although, bulls are beginning to show fading conviction considering the number of traders net-long crude oil is 1.4 percent lower relative to last week. Moreover, short interest is climbing quickly seeing that the number of traders net-short crude oil is 7.7 percent higher than yesterday.

- Written by Rich Dvorak, Junior Analyst for DailyFX

- Follow @RichDvorakFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.