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April 19, 2023
US crude oil is sharply lower after losing $1.21, declining as low as $79.65 per barrel.
United States's Crude Oil Inventories new data released of -4.58 million below its previous figure.
Crude Oil Inventories in United States fell short of market expectations (-1 million) with a reading of -4.58 million, continuing the decline from the previous figure of 597,000.
While price action maintains a negative bias, United States Building Permits (Mar) came out at 1.41 million, while a consensus of analysts was expecting 1.45 million. United States 20-Year Bond Auction released today at 17:00 UTC with a figure of 3.92, while the previous figure was 3.909.
Crude Oil made an initial break below its 21 day Simple Moving Average at $79.41, a possible indication of a forthcoming negative trend. West Texas crude broke through the $80 support line and dropped 36 cents below it.
In the short term, WTI crude is expected to maintain its recent downtrend and continue spiralling lower.
Taking a look at other Energy commodities, negative performances are evident as Natural Gas stumbles 5% to trade around $2.25. Brent Crude Oil draws back 1.34% to trade around $83.63. Heating Oil is down 2.37 cents from the beginning of the session and now trades around $2.58.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 240,000 from the preceding figure of 239,000.
Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) scheduled to come out tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) is expected tomorrow at 14:00 UTC.
West Texas crude has fallen back around 33.77% from the significant high of $122.09 set 10 months ago.
