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June 20, 2023
US crude oil is grinding lower from $71.78 to $70.94 per barrel, shedding 84 cents (1.17%) today.
Meanwhile, United States Building Permits (May) released today at 12:30 UTC with a figure of 1.49 million, while the previous figure was 1.15 million. Data for United States Housing Starts published today at 12:30 UTC came out at 21.7%, beating projections of -0.8% and showing improvement over the preceding figure of -2.9%. United States Housing Starts (May) came out at 1.63 million, while a consensus of analysts was expecting 1.4 million.
Despite being in the red so far in the current trading session, Crude Oil peaked above its 50 day Simple Moving Average around $72.09 — typically an early indicator of a new bullish trend beginning to emerge. In contrast, WTI crude broke through the $70.61 support line and dropped 33 cents below it.
Overall, looking at the technical analysis landscape, it seems US crude oil might start pointing upward in the short term.
In the meantime, negative performances are also seen in other Energy as Heating Oil is down 8.65 cents from the beginning of the session and now trades around $2.46. Natural Gas slumps 5.59% to trade around $2.48. Brent Crude Oil closed at $75.51 (down 1.44%).
Furthermore, United States Fed Chair Powell testimony scheduled to come out tomorrow at 14:00 UTC. United States Fed Governor Jefferson testimony is expected tomorrow at 14:00 UTC.
US crude oil hit a significant low of $67.25 around 8 days ago, but has since recovered 6.74%.
