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May 03, 2023
Brent crude is down to $73.76 per barrel, after ending yesterday at $75.32. Overall, a 2.07% loss or $1.56 today.
United States ADP Nonfarm Employment Change (Apr) is next today at 12:15 UTC.
Meanwhile, United States JOLTs Job Openings (Mar) released yesterday at 14:00 UTC with a figure of 9.59 million, while the previous figure was 9.97 million. United States API Weekly Crude Oil Stock came out at -3.94 million, while a consensus of analysts was expecting -1,000,000. United States Factory Orders released earlier showed a marked improvement to 0.9% from the preceding data of -1.1%, but fell short of the 1.1% figure forecast by a consensus of market analysts.
Trend 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 momentum evaluation, first developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In Brent crude's case, the RSI has fallen below 30, indicating the asset is oversold. Analysis based on the asset volatility indicates that Brent crude oil's lower Bollinger Band® is at $74.42, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
All in all, the technical analysis suggests Brent crude oil has no clear-cut direction.
Taking a look at other Energy commodities, negative performances are evident as after ending yesterday's session at $71.66, Crude Oil lost $1.59 and is trading around $70.07. Heating Oil is down 4.78 cents from the beginning of the session and now trades around $2.24.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 240,000 from the preceding figure of 230,000.
Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -1.1 million, having previously been at -5 million. The figure will be published today at 14:30 UTC.
Furthermore, United States Interest Rate figure is projected at 5.25. It previously stood at five; data will be released today at 18:00 UTC.
Having soared to a high of $123.6 approximately 10 months ago, ICE Brent crude is now trading 39.06% lower.
