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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

Dots

...If the dots don't connect, gather more dots until they do...or, just follow the $$$...

Beach

Beach

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IMPORTANT BLOG POST UPDATES...
* Trade Wars have escalated and now include diplomatic wars

Thursday, February 23, 2012

Brent Crude versus WTI Light Crude Oil

Brent Crude Oil closed today at 123.62, as shown on the Daily chart below.


WTI Light Crude Oil closed today at 108.54, as shown on the Daily chart below.


The Daily comparison chart of Brent to WTI Oil below shows that Brent has been declining against WTI since early in February of this year.


The percentage comparison chart of Brent to WTI Oil below shows that, during this same one-year timeperiod, Brent has gained more overall in percentage than WTI.


Beginning on February 6th, WTI crossed above Brent Oil and has gained the most in percentage to date, as shown on the percentage comparison chart below, indicating a surge in interest in WTI.


Conclusions:
  • Brent Oil is trading at/just above major resistance
  • WTI Oil is nearing minor resistance around 110.00 and major resistance around 115.00
  • Brent:WTI recovered from a lower open and closed at a major support/resistance level today (1.14)...the next support level is 1.12, then 1.10
  • inasmuch as Brent may have topped out/be topping out, it will be interesting to see whether WTI continues to rise and at what pace compared to Brent...ones to watch over the next days/weeks