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April 15, 2023
Yesterday at a glance: WTI crude spiked to $83.12 yesterday and consolidated before initiating a fresh rally to $82.68 per barrel. This comes following Thursday's session in which it closed at $82.16.
West Texas crude's state is reflected by market data as highly important Core Retail Sales data from United States beat analyst expectations of -0.3% with a reading of -0.8%. United States Retail Sales published yesterday at 12:30 UTC came out at -1%, falling short of the -0.4% projections and continuing its decline from the previous -0.2% figure. United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -307,600, while the previous figure was -321,500.
Crude Oil made an initial break below its 3 day Simple Moving Average at $82.35, a possible indication of a forthcoming negative trend. WTI crude's upper Bollinger Band® is at $84.94, suggesting that a downward move may follow. Despite this, WTI crude is currently alternating around $81.93 with price action moving above and below this key level throughout the session.
Despite the market lacking direction, technical chart analysis strongly suggests WTI crude is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Energy as notably, Natural Gas rose 4.93% yesterday and closed at $2. Brent Crude Oil moves 0.42% yesterday and closed at $86.09. Heating Oil is down to $2.65, losing 2.54 cents, after ending the previous session around $2.67.
WTI crude oil reached a significant high of $122.09 around 10 months ago but has lost 32.71% since then.
