WTI will test major support around $42

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WTI will test major support around $42
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WCS was trading at a discount of $28.50 USD/bbl compared to WTI on November 30, 2018
https://www.oilsandsmagazine.com/energy-statistics/oil-and-gas-prices
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Reference my last chart analysis for WTI.
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Major trend is up, intermediate trend is up and near-term trend is up.
West Texas Intermediate (WTI), also known as Texas light sweet, is a grade of crude oil used as a benchmark in oil pricing. This grade is described as light because of its relatively low density, and sweet because of its low sulfur content. It is the underlying commodity of New York Mercantile Exchange’s oil futures contracts.
https://en.wikipedia.org/wiki/West_Texas_Intermediate
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Reference my last chart for West Texas Intermediate when crude was about to test resistance at $60. The reversal of roles from resistance to support or support to resistance is an important concept in technical analysis.
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There are two major negative factors affecting the price of WCS and thus increasing the the price differential. The first is new production coming on stream and the second is the pipeline constraint to export WCS to the U.S. market.
Click here for a live and larger version of the above chart.
There are over 300 benchmark streams of crude oil produced around the world. The most commonly referenced US benchmark is West Texas Intermediate (WTI), priced out of Cushing, Oklahoma. WTI is lighter and sweeter than the international benchmark, North Sea Brent, which is priced out of Sullom Voe, Scotland.
The two most popular Canadian benchmarks are Canadian Light and Western Canadian Select. WCS is a heavy sour blend while Canadian Light is a light sweet crude, similar in quality to WTI.
Click hear for an explanation of WCS.
This link provides an historical chart of the WCS price differential with WTI.
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Reference my last chart analysis for WTI.
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There is some support around $45 but the near-term downtrend will test major support around $43
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