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April 26, 2023
Tentatively higher from an earlier low of $77, West Texas crude is up to $77.5 per barrel today, adding 43 cents, or 0.56%, to yesterday's closing price of $77.07.
United States Core Durable Goods Orders is next today at 12:30 UTC.
This uncertain state for WTI crude is reflected by published market data as United States New Home Sales (Mar) released yesterday at 14:00 UTC with a figure of 683,000, while the previous figure was 623,000. Following a previous reading of 104, Consumer Confidence in United States released yesterday at 14:00 UTC fell short of the 104 figure expected by analysts with an actual reading of 101.3. United States Building Permits came out at 1.43 million, while a consensus of analysts was expecting 1.41 million.
Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that WTI crude's upper Bollinger Band® is at $83.82 and the lower is $76.4. Technical analysis shows that WTI crude oil is approaching key support, around $1.39 away from $76.11. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Overall, technical indicators suggest US crude oil has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Energy as Brent Crude Oil moves 0.58% to trade around $81.07. Heating Oil trades around $2.46, with no major change. Natural Gas is down to $2.25, losing 5.2 cents, after closing at $2.31 in the preceding trading session.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Core Durable Goods Orders expected to decline to -0.2% while its preceding data was -0.1%, data will be available today at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -1.49 million. It previously stood at -4.58 million; data will be released today at 14:30 UTC. United States Pending Home Sales projected to come out at 0.5% — worse than previous data of 0.8%; data will be released tomorrow at 14:00 UTC.
WTI crude reached a significant high of $122.09 around 10 months ago but has lost 36.87% since then.
