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April 19, 2023
West Texas crude crashes after losing $1.18, breaking down to $79.68 per barrel.
United States's Crude Oil Inventories new data released of -4.58 million below its previous figure.
Following a previous reading of 597,000, Crude Oil Inventories in United States released today at 14:30 UTC fell short of the -1 million figure expected by analysts with an actual reading of -4.58 million.
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. US crude oil pushed below the $80 support level and extended 33 cents beyond it.
In the short term, US crude oil is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other Energy as Natural Gas is trading around $2.22 (down 15 cents). Brent Crude Oil closed at $83.64 (down 1.33%). Heating Oil is down to $2.58, losing 2.35 cents, after closing at $2.6 in the preceding trading session.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Initial Jobless Claims are set for a continuation of decline with 240,000 while previous data was 239,000; data will be released tomorrow at 12:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) is scheduled for tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) scheduled to come out tomorrow at 14:00 UTC.
West Texas crude is now trading 33.77% below the significant high of $122.09 it set around 10 months ago.
