Oil giant Royal Dutch Shell posted a 42 percent rise in profits in the first quarter of 2018, underpinned by a recent uptick in oil and gas prices. In the meantime, how WTI Crude trading? Click this 26 April WTI Crude Oil Price Fundamental Forecast to see.
26 April, GKFX – The CEO of Royal Dutch Shell, Ben van Beurden has said that;
“Shell’s strong earnings this quarter were underpinned by higher oil and gas prices, the continued growth and very good performance of our Integrated Gas business, and improved profitability in our Upstream business.”
The latest figures come at a time when the environment for oil companies is dramatically improving, amid signs the energy market is rebalancing and crude futures have rallied to multi-year highs.
WTI (oil futures on NYMEX) is making headways towards the $ 69 threshold, as a dip in the 10-year Treasury yields to the 3 percent resistance-turned support lifted the demand for the alternative higher-yielding asset – oil.
Middle East tensions outweigh US crude inventories build
Moreover, the renewed geopolitical concerns, with the US considering re-imposing sanctions against Iran, also underpinned the sentiment around the black. Furthermore, a decline in the Venezuelan crude oil output also collaborated to the fresh leg higher.
Venezuela’s crude production has fallen from almost 2.5 million barrels per day (bpd) in early 2016 to around 1.5 million bpd due to political and economic turmoil, Reuters reports.
However, further upside appears limited, in the wake of the bearish US EIA crude stockpiles report, which showed that the US crude inventories rose by 2.2 million barrels in the week to April 20, to 429.74 million barrels.
26 April WTI Crude Oil Price Fundamental Forecast
According to Slobodan Drvenica at Windsor Brokers Ltd,
“Wednesday’s repeated downside rejection left double-top at 67.12/10, which also marks the formation of a higher base after a pullback from new high at $69.54 stalled. Repeated close above rising 10SMA which tracks ascend in past two weeks, was another positive signal.”
“Today’s recovery extension retraced over 50% of $69.54/$67.10 pullback, with close above $68.61 (Fibo 61.8%) needed to generate stronger reversal signal. Ascending 10SMA offers solid support (currently at $67.80) which is expected to hold and keep bullish near-term stance intact. Res: 68.61; 69.00; 69.36; 69.54 Sup: 67.95; 67.80; 67.53; 67.10,”
This article 26 April WTI Crude Oil Price Fundamental Forecast was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
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