Thursday , 19 October 2017

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Crude Oil Poll: Oil Heading Higher


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The first week of our crude oil tracking poll produced some interesting results (see below). This comes in a market where the focus will be looking ahead to the April 17 Doha meeting between OPEC and non-OPEC producers and whether there will be a substantive agreement to freeze oil production. Hopes of an agreement saw crude oil rally strongly off its lows but then caution set in and this saw prices back off the highs.

As part of our poll we ask our respondents follow up questions to dig deeper in trader sentiment. In this regard, opinions seem split over whether there will be a meaningful agreement at the Doha meeting. As one respondent noted,

It is hard for me to see Iran agreeing to a production freeze and this will make it hard to have a significant agreement if it is excluded.

Another respondent said,

The risks of a disappointment seem to too great to not come up with some sort of an agreement. The question then is then whether it is worth the paper it is written on?

In any case, logic suggests the week ahead is one to err on the side of caution with the market sensitive to any comments ahead of it. . 

Click to participate in our Crude Oil Poll

Current price: $39.53

Crude Oil Poll: Which Price Will WTI Crude Oil Be Trading Closest to at Year end?

Week ending April 10

$20

$30

$40

$50

$60

$70

$80

8%

17%

22%

26%

19%

6%

2%

One look at the above suggests the bias is for higher prices for crude oil by year end with 75% of respondents indicating that it will end above the current price of $39.53. Almost 50% expect crude oil to end the year between $40 and $50. Stay tuned as we will be posting weekly changes with feedback from our respondents in what should remain a volatile market, at least until it establishes a range.

Click to participate in our crude oil poll

Jay Meisler, founder

Global Traders Association

[email protected]

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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Crude Oil Poll: Oil Heading Higher Reviewed by on . Shutterstock photo The first week of our crude oil tracking poll produced some interesting results (see below). This comes in a market where the focus will be l Shutterstock photo The first week of our crude oil tracking poll produced some interesting results (see below). This comes in a market where the focus will be l Rating:
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