| 
March 15, 2023
West Texas crude is down to $66.49 per barrel, after ending yesterday at $71.33. Overall, a 6.79% loss or $4.84 today.
West Texas crude is currently trading at $66.49 following the release of Crude Oil Inventories data from the United States.
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. WTI crude has just crossed the lower Bollinger Band® at $70.85, indicating further losses could be forthcoming. Despite this, first developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In US crude oil's case, the RSI has fallen below 30, indicating the asset is oversold.
In the short term, WTI crude oil is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other Energy as Brent Crude Oil is down $5.13 from the beginning of the session and now trades around $72.32. Heating Oil dips 5.63% to trade around $2.56. Natural Gas is down to $2.42, losing 15.4 cents, after closing at $2.57 in the preceding trading session.
Some optimism can drawn from the fact that United States Initial Jobless Claims is projected to outperform its last figure with 205,000. It previously stood at 211,000; data will be released tomorrow at 12:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Mar) will be released tomorrow at 12:30 UTC. United States Building Permits (Feb) is scheduled for tomorrow at 12:30 UTC.
WTI crude oil has fallen back around 41.58% over the past 9 months, from a notable high of $122.09.
