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February 22, 2023
WTI crude oil is down to $75 per barrel, after ending yesterday at $76.36. Overall, a 1.79% loss or $1.36 today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
Meanwhile, United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Crude Oil's lower Bollinger Band® is at $73.79, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Despite suffering losses in today's session, technical analysis is indicating that WTI crude will undergo a significant bounce in the immediate term.
Taking a look at other Energy commodities, negative performances are evident as Natural Gas is down to $2, losing 7.3 cents, after closing at $2.07 in the preceding trading session. After ending yesterday's session at $2.79, Heating Oil lost 4.53 cents and is trading around $2.75. After ending yesterday's session at $83.05, Brent Crude Oil lost $1.31 and is trading around $81.74.
Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.17 million, following on from the preceding figure of 16.28 million. New data is set to be published tomorrow at 16:00 UTC. United States Initial Jobless Claims projected to come out at 200,000 — worse than previous data of 194,000; data will be released tomorrow at 13:30 UTC.
Furthermore, United States GDP figure is projected at 2.9. It previously stood at 2.9; data will be released tomorrow at 13:30 UTC.
US crude oil is now trading 38.8% below the significant high of $124.77 it set around 11 months ago.
