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May 15, 2023WTI crude oil posts light gains on a low-volatility day, ranging between $69.41 – $70.95 and is now at $70.66 per barrel.
Meanwhile, United States NY Empire State Manufacturing Index (May) came out at -31.8, while a consensus of analysts was expecting -3.7.
Crude Oil made an initial breakout above its 3 day Simple Moving Average at $70.36, a potential indicator of a newly emerging bullish phase.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts WTI crude to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the WTI crude is expected to pick up significant bullish sentiment in the coming days.
This rally in WTI crude's price coincides with other Energy as Natural Gas gained 3.84% and is now trading at $2.35. Heating Oil is up 1.07%. Having closed the previous session at $74.17, Brent Crude Oil is up 0.9% today to currently trade at around $74.84.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Retail Sales is projected to outperform its last figure with 0.7%. It previously stood at -0.6%; data will be released tomorrow at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at -0.4%; data will be released tomorrow at 12:30 UTC.
US crude oil has fallen back around 42.63% over the past 11 months, from a notable high of $122.09.
