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March 08, 2023WTI crude drops from $77.58 to $76.64 per barrel, losing 94 cents (1.21%) today.
United States's Crude Oil Inventories new data released of -1.69 million below its previous figure.
United States Crude Oil Inventories published today at 15:30 UTC came out at -1.69 million, falling short of the 395,000 projections and continuing its decline from the previous 1.17 million figure.
While price action maintains a negative bias, United States JOLTs Job Openings (Jan) came out at 10.82 million, while a consensus of analysts was expecting 10.5 million. United States ADP Nonfarm Employment Change (Feb) released today at 13:15 UTC with a figure of 242,000, while the previous figure was 119,000.
Despite being in the red so far in the current trading session, Crude Oil peaked above its 50 day Simple Moving Average around $77.66 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $74.27, a low enough level to, generally, suggest that US crude oil is trading below its fair value. WTI crude could begin to recover as it approaches significant support, now 54 cents away from $77.18. Dipping below could be an indication that further losses are ahead.
Despite suffering losses in today's session, technical analysis is indicating that US crude oil will undergo a significant bounce in the immediate term.
Taking a look at other Energy commodities, negative performances are evident as Natural Gas is trading around $2.54 (down 14.7 cents). Heating Oil closed at $2.75 (down 1.66%).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Initial Jobless Claims projected to come out at 195,000 — worse than previous data of 190,000; data will be released tomorrow at 13:30 UTC.
WTI crude reached a significant high of $124.77 around a year ago but has lost 37.82% since then.
