WTI Crude Oil Forecast: June 2022

[ad_1]

I think we will stay within this $20 range for the entirety of the month, but with a slight upward tilt.

The West Texas Intermediate Crude Oil market has been very choppy over the last couple of months, and it is very likely that we will continue to see a lot of indecision overall. The month of June probably won’t be any better, and I believe we are looking at a situation where although a bit confused, it’s probably worth noting that we have been slowly drifting higher.

Advertisement

Most analysts believe that the market is likely to go higher given enough time. The $100 level underneath will be a major “floor in the market”, so as long as we can stay above there, I think it’s more likely than not going to be a market in which there will be plenty of interest. That being said, I don’t necessarily think that we will break out, but if we did go below there, it would be extraordinarily negative and could change the entire attitude of the market.

The $110 level seems to be a bit of a “fair value level” for the market, and with that, I believe we are probably going to see it act as a bit of a magnet for pariahs, just as we have for the majority of May. If we can break higher, then the $115 level is a resistance barrier that I think a lot of people would be paying attention to, which we have pulled back from a couple of times in the past. After that, then we have the $120 level which has been significant resistance. The crude oil markets have been noisy, to say the least, so I would not be surprised to see all three of these levels tested at one point or another during the month. However, it is worth noting that we have been drifting ever so slightly higher in general.

Keep in mind that there are concerns about demand out there, but at the same time the supply situation is pretty miserable. Because of this, the markets will probably be extraordinarily volatile due to inventory numbers coming out of various announcements, and of course, the inflationary numbers that could have people thinking less demand is possible. In other words, this remains very choppy and volatile, and I think we will stay within this $20 range for the entirety of the month, but with a slight upward tilt.

WTI Crude Oil Monthly June 2022

[ad_2]

Leave a Reply

Your email address will not be published. Required fields are marked *

Risk warning: Trading Forex (foreign exchange) or CFDs (contracts for difference) on margin carries a high level of risk and may not be suitable for all investors. There is a possibility that you may sustain a loss equal to or greater than your entire investment. Therefore, you should not invest or risk money that you cannot afford to lose. Before using xMetaMarkets services, please acknowledge all of the risks associated with trading.

The content of this website must not be construed as personal advice. We recommend that you seek advice from an independent financial advisor.

The information on this website is not directed to residents of certain jurisdictions such as United States, Canada, Iran, Cuba, France, and some other regions, and is not intended for distribution to, or use by, any person in any countries or jurisdictions where such distribution or use would be contrary to local law or regulation.

© 2018 - 2024 xMetaMarkets.com. All Rights Reserved.