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June 13, 2023
West Texas crude trades at $67.46 per barrel, after ending yesterday at $67.12.
United States Core Consumer Prices is next today at 12:30 UTC.
This uncertain state for WTI crude is reflected by published market data as United States Federal Budget Balance (May) released yesterday at 18:00 UTC with a figure of -240 billion, while the previous figure was 176 billion. United States 10-Year Note Auction came out at 3.791. Fresh 3-Year Note Auction data from United States came out at 4.202.
Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, WTI crude's upper Bollinger Band® is at $75.21 and the lower is $67.34.
Overall, the technical outlook suggests WTI crude is likely to remain muted for the immediate future, with no clear-cut direction.
Meanwhile, mixed performances are seen in other Energy as having closed the previous session at $71.84, Brent Crude Oil is up 0.67% today to currently trade at around $72.32. Heating Oil moves 0.55% to trade around $2.32. Natural Gas moves 1.1% to trade around $2.29.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million, having previously been at -451,000. The figure will be published tomorrow at 14:30 UTC. As things stand, upcoming United States Producer Price Index data is projected to fall short of market expectations with newly published data of -0.1%, following on from the preceding figure of 0.2%. New data is set to be published tomorrow at 12:30 UTC. United States Consumer Price Index figure is projected at 0.2%. It previously stood at 0.4%; data will be released today at 12:30 UTC.
WTI crude oil reached a significant high of $120.85 around a year ago but has lost 44.46% since then.
