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June 14, 2023
After closing the previous trading day at $74.29, Brent crude went up to $75.48 only to drop back; still positive overall today, now trading at $75.13 per barrel.
United States Crude Oil Inventories data will be released today at 14:30 UTC, with an expected improvement to 1.48 million (previous figure was -451,000).
Nevertheless, Producer Price Index in United States fell short of market expectations (-0.1%) with a reading of -0.3%, continuing the decline from the previous figure of 0.2%.
At the same time, United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%. United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 4%, while the previous figure was 4.9%.
Brent Crude Oil made an initial breakout above its 5 day Simple Moving Average at $74.8, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $75.15 currently serving as resistance Brent crude oil's lower Bollinger Band® is at $72.67, indicating that the market is oversold and fertile for new buyers. In contrast, ICE Brent crude could be slowing down soon; it is getting close to the resistance line and is now at $75.15, only 2 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems ICE Brent crude might continue pointing upwards in the short term.
Rallies can also be seen in other Energy, having closed the previous session at $69.42, Crude Oil is up 1.2% today to currently trade at around $70.25. Heating Oil gained 0.98% and is now trading at $2.42.
Other Energy are showing mixed performance as Natural Gas trades with no major change, around $2.35.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million. It previously stood at -451,000; data will be released today at 14:30 UTC.
Also worthy of note, United States Retail Sales projected to come out at -0.1% — worse than previous data of 0.4%; data will be released tomorrow at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Core Retail Sales will be released, with an expected decline to 0.1% from the preceding figure of 0.4%.
ICE Brent crude hit a significant low of $71.96 around 2 days ago, but has since recovered 3.24%.
