WTI Crude Oil Price Forecast: 2-Month High Baffles Bears After Inventory Release
Thursday,03/03/2016|17:15GMTby
DailyFX News
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Talking Points:
Crude Oil Technical Strategy: Oil At Long-Term Resistance, Difficult Price To Buy
The US Dollar Weakness Could Provide Next Leg Higher in WTI Crude
March is statistically the most bullish month of the year for WTI crude oil by mean and median returns
Oil continues to hang around $35/bbl to the confusion of industry insiders and investors expecting the price of Oil to fall further. Yesterday, the Department of Energy announced the build in inventories increased by 1040K barrels surprisingly, production continues to drop, which is likely behind the multi-week rise in Oil as production dropped for the 6th week to 9.08m to 2014 lows. In fact, Bank research says the U.S. rig count could fall to the lowest levels since record keeping began in 1948 suggesting we would have to go back to the beginning of the Oil Boom in 1859 in the hills of Pennsylvania to see similar activity.
Furthermore, the data in the United States since early February may show that demand is starting to pick up, which is why the U.S. Stockpiles rising are being digested so well. As mentioned in that last article, this move higher is coming at a time that sentiment from producers is hitting an extreme low. Exxon Mobil CEO Rex Tillerson seems to think the glut or oversupply will persist, and he sees Exxon’s output flat for four years through 2020.
WTI Crude Oil Moves Aggressively Into Price Resistance
Key Support Levels from Here
WTI Crude Oil has seen few negative price shocks since the current low on February 11. Now, the focus will turn to a barrage of resistance ranging from $35/bbl up to the 100-DMA at $36.82. The key zones of support worth watching are the $30.20 low that was a pivotal low on February 24 followed by the February 19 low of $29.03/bbl. If we hold above these intra-trend lows, and the price of the US Dollar weakens again as it did in early February, we could be soon retesting the YTD high of $38.36 up to a bullish head and shoulder’s target of ~$43/bbl.
Bullish Head & Shoulder’s Breakout on H4 US Oil
Contrarian System Warns of Further Price Support
In addition to the technical focus around the 34% rally resistance, we should keep an eye on Bears unsuccessfully trying to push down the price of Oil. A move into resistance, and possibly beyond aligns with our Speculative Sentiment Index or SSI. Our internal readings of Oil are showing an SSI reading of -1.365. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders have moved from net long to now net short provides a contrarian signal that US Oil may continue eventually higher through resistance. If the reading were to turn positive yet again, and the price broke back below $32/30, we could begin looking for a retest of the YTD low of $26.03. Until then, higher looks to be the path of least resistance.
To receive Tyler’s analysis directly via email, please SIGN UP HERE
Talking Points:
Crude Oil Technical Strategy: Oil At Long-Term Resistance, Difficult Price To Buy
The US Dollar Weakness Could Provide Next Leg Higher in WTI Crude
March is statistically the most bullish month of the year for WTI crude oil by mean and median returns
Oil continues to hang around $35/bbl to the confusion of industry insiders and investors expecting the price of Oil to fall further. Yesterday, the Department of Energy announced the build in inventories increased by 1040K barrels surprisingly, production continues to drop, which is likely behind the multi-week rise in Oil as production dropped for the 6th week to 9.08m to 2014 lows. In fact, Bank research says the U.S. rig count could fall to the lowest levels since record keeping began in 1948 suggesting we would have to go back to the beginning of the Oil Boom in 1859 in the hills of Pennsylvania to see similar activity.
Furthermore, the data in the United States since early February may show that demand is starting to pick up, which is why the U.S. Stockpiles rising are being digested so well. As mentioned in that last article, this move higher is coming at a time that sentiment from producers is hitting an extreme low. Exxon Mobil CEO Rex Tillerson seems to think the glut or oversupply will persist, and he sees Exxon’s output flat for four years through 2020.
WTI Crude Oil Moves Aggressively Into Price Resistance
Key Support Levels from Here
WTI Crude Oil has seen few negative price shocks since the current low on February 11. Now, the focus will turn to a barrage of resistance ranging from $35/bbl up to the 100-DMA at $36.82. The key zones of support worth watching are the $30.20 low that was a pivotal low on February 24 followed by the February 19 low of $29.03/bbl. If we hold above these intra-trend lows, and the price of the US Dollar weakens again as it did in early February, we could be soon retesting the YTD high of $38.36 up to a bullish head and shoulder’s target of ~$43/bbl.
Bullish Head & Shoulder’s Breakout on H4 US Oil
Contrarian System Warns of Further Price Support
In addition to the technical focus around the 34% rally resistance, we should keep an eye on Bears unsuccessfully trying to push down the price of Oil. A move into resistance, and possibly beyond aligns with our Speculative Sentiment Index or SSI. Our internal readings of Oil are showing an SSI reading of -1.365. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders have moved from net long to now net short provides a contrarian signal that US Oil may continue eventually higher through resistance. If the reading were to turn positive yet again, and the price broke back below $32/30, we could begin looking for a retest of the YTD low of $26.03. Until then, higher looks to be the path of least resistance.
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Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
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In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
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He also discusses the most active pairs, the IB and MIB plans, and hiring needs for new markets.
Watch the whole talk to learn more about how Versus Trade works and where it is heading.
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Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
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-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
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#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
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Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
