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March 14, 2023
WTI crude is down to $72.6 per barrel, after ending yesterday at $74.8. Overall, a 2.94% loss or $2.2 today.
US crude oil is currently trading at $72.6 following the release of Consumer Price Index data from the United States.
While price action maintains a negative bias, United States Participation Rate (Feb) released yesterday at 13:30 UTC with a figure of 118.3, while the previous figure was 62.4.
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 oil has just crossed the lower Bollinger Band® at $73, indicating further losses could be forthcoming.
Looking forward, WTI crude oil is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other Energy as after ending yesterday's session at $80.77, Brent Crude Oil lost $2.27 and is trading around $78.5. Heating Oil slips 1.3% to trade around $2.73.
Looking ahead, ongoing depreciation may be prolonged as projections for United States Retail Sales are set for a continuation of decline with -0.3% while previous data was 3%; data will be released tomorrow at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Core Retail Sales will be released, with an expected decline to -0.1% from the preceding figure of 2.3%. United States Producer Price Index projected to decline to 0.3% while previous data was 0.7%; data will be released tomorrow at 12:30 UTC.
US crude oil has fallen back around 38.73% from the significant high of $122.09 set 9 months ago.
