The yellow line in the chart above is the oil inventory data on an inverse scale.  As you can see, as inventories decline, prices rise.  That's simple supply and demand.  However, oil inventories are starting to build again, which could be a bearish sign of the economy weakening.   Oil prices have also started to consolidate sideways. 

There are a lot of forces that work together to move oil (we have several charts that show this) but this is the most basic relationship above. Seasonally speaking, oil tends to weaken for the remainder of the year.  And the dollar has some influence as it impacts the price abroad, but we're looking for sideways action with a push higher near the end of the year (which will also impact price lower).  

This bearish forecast is the main reason we've been recommending paying some attention to BitCoin and Cryptocurrencies.  Please check out the video below.  Usually by the time they bring them back up in the news, the move has already started.  And in the innovation curve, there's an argument to be made that we're still early with this technology. 

Thanks!