English
English
Tiếng Việt
ภาษาไทย
繁體中文
한국어
Bahasa Indonesia
Español
Português
zu-ZA
0

Market Analysis

WTI Holds Above $80 Mark Ahead of Inventories Report and US Inflation Data
Amos Simanungkalit · 6K Views

image.png

 

West Texas Intermediate (WTI) futures on NYMEX are trading close to an eight-week peak around $82.00 in Wednesday's European session. The bullish trend in oil prices has persisted for nearly three weeks, bolstered by robust demand driven by intense summer heatwaves in the Northern Hemisphere during the vacation season. This seasonal surge in energy consumption has been a supportive factor for oil prices.

 

In addition to increased demand, disruptions in oil supply stemming from tensions in the Middle East and the ongoing Russia-Ukraine conflict have also contributed to the buoyancy in oil prices. According to Reuters, "The Houthis have recently attacked and seized vessels, sinking two and hitting another with a missile in the Arabian Sea."

 

Investors will closely monitor the upcoming United States Energy Information Administration (EIA) report on crude oil inventories for the week ending June 21 in today's session. Analysts expect the report to indicate a decrease in oil stockpiles by three million barrels.

 

Looking ahead, market sentiment hinges on the US core Personal Consumption Expenditure (PCE) price index data for May, scheduled for release on Friday. Annual projections suggest a slight easing in underlying inflation to 2.6%, down from the previous 2.8%, with monthly figures expected to show a slower growth rate of 0.1% compared to 0.2% in April.

 

Lower inflation figures could heighten expectations of earlier interest rate cuts by the Federal Reserve (Fed), potentially bolstering oil prices as reduced rates typically inject liquidity into the economy.

 

 

WTI US OIL

 

OVERVIEW
Today last price 81.15
Today Daily Change 0.61
Today Daily Change % 0.76
Today daily open 80.54
 
TRENDS
Daily SMA20 77.98
Daily SMA50 79.07
Daily SMA100 79.64
Daily SMA200 78.9
 
LEVELS
Previous Daily High 81.65
Previous Daily Low 80.35
Previous Weekly High 81.62
Previous Weekly Low 77.56
Previous Monthly High 81.25
Previous Monthly Low 76.04
Daily Fibonacci 38.2% 80.84
Daily Fibonacci 61.8% 81.15
Daily Pivot Point S1 80.04
Daily Pivot Point S2 79.54
Daily Pivot Point S3 78.74
Daily Pivot Point R1 81.35
Daily Pivot Point R2 82.15
Daily Pivot Point R3 82.66

 

 

 

Paraphrasing text from "FX Street" all rights reserved by the original author.

Need Help?
Click Here