Crude Oil futures climbed on Wednesday on news that the International Energy Agency (IEA) forecasts an .2 increase to 1.6 million barrels per day for 2017. The spike in demand exceeded the IEA’s expectations pushing its forecast to a high not seen in roughly two years.
Meanwhile, OPEC member countries are reported to be considering lengthening production cuts in their continued effort to curb the saturated market. While a Hurricane Harvey halted production at the epicenter of U.S. refineries, experts suggest the temporary loss of production will not have a long-term impact on supply.
On track for its third straight daily gain, Crude Oil futures is currently trading .8% above its open of 48.34. Utilizing NinjaTrader’s multi-series charting capabilities, traders can overly multiple chart timeframes within the same chart panel. This offers insight on longer-term trends while still providing more granular metrics on daily price action. The above chart features the daily Crude Oil futures OHLC bar overlaid on a weekly box style chart. A 200, 100 and 50 period SMA are included offering information current trend direction.
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