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June 27, 2023Without a clear-cut direction, US crude oil is trading around $69.08 per barrel and ranging between $67.73 and $70.15.
- New United States Consumer Confidence improved upon the previous 102.5 figure while also exceeding analyst expectations with a reading of 109.7.
- While mostly sideways today, WTI crude is on a 5 day bearish trend during which it lost $3.09.
United States New Home Sales (May) released today at 14:00 UTC with a figure of 763,000, while the previous figure was 680,000. Highly important Consumer Confidence data from United States beat analyst expectations of 104 with a reading of 109.7.
After reaching the $68.71 support zone, Crude Oil bounced and climbed 37 cents above it. WTI crude oil made an initial breakout above its 5 day Simple Moving Average at $70.07, a potential indicator of a newly emerging bullish phase. WTI crude's upper Bollinger Band® is at $73.04 and the lower is $67.74. On the other hand, note that having stamped out a session range of $67.73 to $70.15, Fibonacci-inclined US crude oil traders were highly concentrated around active Fibonacci support at $68.25.
Despite muted price action in WTI crude oil, chart analysis indicates it is positioned for a bullish run in the short term.
United States Crude Oil Inventories is projected to outperform its last figure with 1.42 million. It previously stood at -3.83 million; data will be released tomorrow at 14:30 UTC. United States Fed Chair Powell speech scheduled to come out tomorrow at 13:30 UTC.
Having closed the previous session at $2.44, Heating Oil is up 1.41% today to currently trade at around $2.47.
WTI crude oil is now trading 3.15% above the significant low ($67.25) it slumped to 15 days ago.
