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June 17, 2023
Yesterday at a glance: US crude oil closed yesterday at $71.44 per barrel (with a daily low of $69.95) after ending Thursday at $70.62 and gaining 1.16%.
At the same time, United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 15,700, while the previous figure was 8,800. United States CFTC S&P 500 speculative net positions came out at -331,400. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 155,100, while the previous figure was 172,400.
Crude Oil made an initial breakout above its 21 day Simple Moving Average at $71.18, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $71.48 currently serving as resistance On the other hand, note that US crude oil could be slowing down soon as it approaches resistance at $72.38. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems WTI crude oil might continue pointing upwards in the short term.
This rally in WTI crude oil's price coincides with other Energy as Heating Oil increases 2.84% yesterday and closed at $2.48. Natural Gas went up by 3.4% yesterday, and closed at $2.62. Brent Crude Oil goes up 0.82% yesterday and closed at $75.67.
US crude oil hit a significant low of $67.25 around 5 days ago, but has since recovered 5%.
