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April 12, 2023
In the midst of a 10 day bullish trend, Today's session might suggest a slow down — US crude oil trades at $81.64 per barrel, after ending yesterday at $81.53.
United States Core Consumer Prices is next.
This uncertain state for West Texas crude is reflected by published market data as United States API Weekly Crude Oil Stock came out at 377,000, while a consensus of analysts was expecting -1.3 million. United States 3-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.81, while the previous figure was 4.635.
Crude Oil's upper Bollinger Band® is at $83.56, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests WTI crude oil is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Energy as Natural Gas moves 1.1% to trade around $2.21. Brent Crude Oil moves 0.19% to trade around $85.77.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -583,000. It previously stood at -3.74 million; data will be released today at 14:30 UTC. United States Consumer Price Index is expected today at 12:30 UTC.
Having soared to a high of $122.09 approximately 10 months ago, WTI crude is now trading 33.22% lower.
