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April 05, 2023
While WTI crude is on a 5 day bullish trend, Today's session might suggest a slow down — West Texas crude trades at $81.07 per barrel, after ending yesterday at $80.71.
United States ADP Nonfarm Employment Change (Mar) is next.
WTI crude's state is reflected by market data as United States JOLTs Job Openings (Feb) released yesterday at 14:00 UTC with a figure of 9.93 million, while the previous figure was 10.56 million. United States API Weekly Crude Oil Stock came out at -4.35 million, while a consensus of analysts was expecting -1.8 million. United States Factory Orders released earlier showed a marked improvement to -0.7% from the preceding data of -2.1%, but fell short of the -0.5% figure forecast by a consensus of market analysts.
Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, West Texas crude's upper Bollinger Band® is at $82.18, suggesting that a downward move may follow.
Overall, while West Texas crude has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Energy as Heating Oil climbs 0.81% to trade around $2.69. Brent Crude Oil trades close to $85.34, with no major change.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories is projected to outperform its last figure with -2.33 million. It previously stood at -7.49 million; data will be released today at 14:30 UTC. United States ADP Nonfarm Employment Change (Mar) scheduled to come out today at 12:15 UTC. United States ISM Non-Manufacturing PMI (Mar) will be released today at 14:00 UTC.
Having soared to a high of $122.09 approximately 9 months ago, WTI crude oil is now trading 33.89% lower.
