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March 13, 2023
Struggling to find upward momentum, WTI crude oil has shed $1.88 to currently trade at $74.8 per barrel as it ranges between $72.3 and $77.47 so far today.
WTI crude oil is currently trading at $74.8 following the release of U.S. President Biden speech data from the United States.
Meanwhile, United States Participation Rate (Feb) released today at 13:30 UTC with a figure of 118.3, while the previous figure was 62.4.
Despite being in the red so far in the current trading session, Crude Oil peaked above its 21 day Simple Moving Average around $77.15 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $73.78, a low enough level to, generally, suggest that WTI crude is trading below its fair value. On the other hand, note that US crude oil fell below the $76.03 support zone and moved $1.23 beyond it; the next level of support with significant buyer interest is estimated at $75.84.
Technical analysis indicates that WTI crude's current downtrend might soon change course and start climbing up in the short term.
Taking a look at other Energy commodities, negative performances are evident as after ending Friday's session at $82.78, Brent Crude Oil lost $1.97 and is trading around $80.81. Heating Oil is down to $2.73, losing 4.15 cents, after closing at $2.77 in the preceding trading session.
Positive performances can be seen by looking at other Energy markets as Natural Gas is up 4.81%.
Furthermore, United States Consumer Price Index figure is projected at 0.4%. It previously stood at 0.5%; data will be released tomorrow at 12:30 UTC. United States Consumer Price Index figure is projected at 6%. It previously stood at 6.4%; data will be released tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC.
US crude oil is now trading 37.19% below the significant high of $122.09 it set around 9 months ago.
