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Bearish Outlook for Oil Prices

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  • Description

    RJO Futures senior commodities broker Phil Streible on why he expects a decline in oil prices.

  • Duration 3:12
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Uses outlook citi's wanna quickly -- pick -- the Dow Jones industrials up a 102 points really its oil that a lot of people were looking -- today down 62 cents.

But what -- tomorrow when we get the EIA inventory numbers will we see some gyrations Phillips dribble of RJ -- is of course a trader with all of this and let's talk about what you anticipate because.

Oil is really your -- Yet we still expect crude oil prices declined down to about the 200 day moving average which is right around 9043.

Into what were analyze and his first we look at those technicals.

Than we look at the fundamentals and what kind of -- and information is coming out tomorrow we expect inventories to.

Build up to about 2.5 million barrels I would anticipate that we see something.

A little bit greater than that if you look at out of courses bearish for prices yes we still anticipate on the calmed down and really the reason behind the -- as the US oil boom that we've seen.

Right now we've got production at twenty year highs we've got oil inventories at 378 million barrels right now that's 10% higher than last year and the US is producing about seven million barrels per day last -- was only six point six we should average about seven point 25 this year.

Supply goes up prices go down -- and that to me is very much a message about.

I -- like us a lot of people it criticizes administration saying they're not energy friendly but where that sure looks friendly as far as drilling and and all of that.

You don't Q as a trader.

People -- because they see people on these floors and they they have no idea what they really do what say when you wake up in the morning here in Chicago is the first thing you do when you.

Fire your computer what do you -- in.

The first thing you gotta do is you get a look at the markets that your specifically -- and whether it's gold silver the -- Start looking at the key levels to support the resistance levels what what.

Are -- web -- -- just tell me where you find all of this information what are you look at.

-- that specifically I mean I hit Fox Business right away -- good good good and it's our foxbusiness.com.

I mean there's a lot of great stuff found there you know so I mean you wanna start looking at the charts on this thing you want -- builds your.

You know your your program as far as what you think is going to be successful do you see at -- -- -- wake up and now about 430 in the DC -- 430 this.

-- thirty -- looking at you know the -- Asia how to data how is Europe going you know I mean yesterday we saw.

Don't devastating -- out of Italy we saw that rocked the market we have -- Of one of the largest nowadays in the Austin.

I still think equities gonna work their way down about 5% I think will come back to where we started the Europe right around 1425.

Will beautiful markets still.

The problems that we have we've got this cluster on Friday we got the debt ceiling come around in May I think this housing market rally in these housing data I think it's built a lot of corporations are what's -- this you know these housing prices and I think that also we've got foreigners buying I don't see the regular.

You -- Joseph public going out buying -- itself I think that that number is false at the moment and I don't see any kind of real recovery in the labor market.

-- -- -- it's great to see it we really appreciate it thank you so much so he likes about.

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