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February 24, 2023
Tentatively higher from an earlier low of $75.5, US crude oil is up to $76.03 per barrel today, adding 64 cents, or 0.85%, to yesterday's closing price of $75.39.
This move comes while some more positive signs for WTI crude are out as data for United States Crude Oil Inventories released yesterday at 16:00 UTC is better than expected with 7.65 million, but worse than previous figure of 16.28 million. Highly important Initial Jobless Claims data from United States beat analyst expectations of 200,000 with a reading of 192,000.
On the flip side, GDP in United States fell short of market expectations (2.9) with a reading of 2.7, continuing the decline from the previous figure of 3.2.
Technical analysis trend indicators suggest that although up today, early price action saw Crude Oil dropping below its 3 day Simple Moving Average at $75.64 — an early indicator that a new downward trend could be emerging. Asset volatility analysis shows that US crude oil's lower Bollinger Band® is at $73.35, indicating that the market is oversold and fertile for new buyers. As the trading day commences, technical analysis suggests West Texas crude could be slowing down soon as it approaches resistance at $76.48. Of course, crossing it might suggest further gains are ahead.
Overall, the technical outlook suggests WTI crude is likely to remain muted for the immediate future, with no clear-cut direction.
This rally in WTI crude oil's price coincides with other Energy as Heating Oil climbs 1.07% to trade around $2.74. Natural Gas added 2.2% to its value, now trading at $2.37. Brent Crude Oil gained 0.77% and is currently trading at $82.84.
Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Jan) scheduled to come out today at 13:30 UTC. United States New Home Sales (Jan) is scheduled for today at 15:00 UTC.
US crude oil has fallen back around 39.58% over the past 11 months, from a notable high of $124.77.
