{"id":438196,"date":"2026-09-16T16:40:04","date_gmt":"2026-09-16T09:40:04","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/oil-prices-climb-again-as-saudi-arabia-cancels-crude-cargoes-after-pipeline-closure-438196\/"},"modified":"2026-09-16T16:40:04","modified_gmt":"2026-09-16T09:40:04","slug":"oil-prices-climb-again-as-saudi-arabia-cancels-crude-cargoes-after-pipeline-closure","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/oil-prices-climb-again-as-saudi-arabia-cancels-crude-cargoes-after-pipeline-closure-438196\/","title":{"rendered":"Oil prices climb again as Saudi Arabia cancels crude cargoes after pipeline closure"},"content":{"rendered":"
\n

FUNDAMENTAL
\n OVERVIEW<\/p>\n

\u00a0<\/p>\n

Oil was slowly moving lower yesterday on some
\n potential profit-taking, but the losses were quickly erased after Saudi Arabia informed some European oil refiners that their September-loading Crude cargoes were cancelled after the East-West pipeline closure<\/a>.<\/p>\n

As a reminder, Saudi Arabia decided to shut its East-West pipeline<\/a> after drone attacks. The pipeline has been an
\n alternative to the Strait of Hormuz, carrying roughly 4-5 million barrels per
\n day to the Red Sea in recent months. Its closure removed one of the few
\n available routes for Saudi crude exports while traffic through Hormuz remains disrupted.<\/p>\n

The fundamental backdrop remains positive for oil prices,
\n and I expect that to continue unless there is meaningful progress in US-Iran
\n relations or a credible path toward reopening the Strait of Hormuz. The only
\n other solution to lower prices would be an aggressive Fed tightening cycle that
\n destroys demand and causes a recession. <\/p>\n

\u00a0<\/p>\n

CRUDE OIL
\n TECHNICAL ANALYSIS \u2013 DAILY TIMEFRAME<\/p>\n<\/p>\n

On the daily chart, we can
\n see that crude oil<\/a>probed above the key
\n resistance zone around the 105.00 level but couldn\u2019t sustain a breakout. The
\n sellers will likely continue to step in with a defined risk above the
\n resistance to position for a drop into the lower bound of the channel around
\n the 85.00 level. The buyers, on the other hand, will want to see the price
\n breaking higher to increase the bullish bets into the 111.00 handle next. <\/p>\n

CRUDE OIL TECHNICAL
\n ANALYSIS \u2013 4 HOUR TIMEFRAME<\/p>\n<\/p>\n

On the 4 hour chart, we
\n have an upward trendline defining the bullish momentum. If we get a pullback,
\n we can expect the buyers to lean on the trendline with a defined risk below it
\n to keep pushing into new highs. The sellers, on the other hand, will look for a
\n break lower to increase the bearish bets into the lower bound of the channel.<\/p>\n

CRUDE OIL TECHNICAL
\n ANALYSIS \u2013 1 HOUR TIMEFRAME<\/p>\n<\/p>\n

On the 1 hour chart, we
\n have a minor upward trendline defining the recent price action around the
\n resistance. Given the positive fundamental backdrop, the buyers will continue
\n to look for dip-buying opportunities around the trendlines. The sellers, on the
\n other hand, will look for breaks to pile in and target new lows. The red lines
\n define the average daily range<\/a> for today. <\/p>\n

UPCOMING CATALYSTS<\/p>\n

Today<\/a>, we have the
\n FOMC rate decision. Tomorrow, we get the US Jobless Claims figures. Traders
\n will continue to keep a close eye on developments in the Middle East.<\/p>\n

This article was written by Giuseppe Dellamotta at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

FUNDAMENTAL OVERVIEW \u00a0 Oil was slowly moving lower yesterday on some potential profit-taking, but the losses were quickly erased after Saudi Arabia informed some European oil refiners that their September-loading Crude cargoes…<\/p>\n","protected":false},"author":216,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-438196","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/438196","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/users\/216"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/comments?post=438196"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/438196\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=438196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=438196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=438196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}