Crude OIL (week of 16-20/01)

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Weekly Summary

West Texas crude drifts up to $81.4 per barrel (a 0% gain) after closing the previous session at zero cents .

Crude Oil rose $81.4 to close at $81.4 per barrel today which makes for a move of 0%. (Start trading US crude oil at FXTM today).

This move comes while some more positive signs for WTI crude are out as data for United States Crude Oil Inventories released yesterday at 16:00 UTC is better than expected with 8.41 million, but worse than previous figure of 18.96 million. Data for United States Initial Jobless Claims published yesterday at 13:30 UTC came out at 190,000, beating projections of 214,000 and showing improvement over the preceding figure of 205,000.

At the same time, United States Existing Home Sales (Dec) came out at 4 million, while a consensus of analysts was expecting 3.96 million. United States Philadelphia Fed Manufacturing Index (Jan) released yesterday at 13:30 UTC with a figure of -8.9, while the previous figure was -13.7. United States Building Permits (Dec) came out at 1.33 million.

Outlook for rest of the week: Today's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Pending Home Sales is projected to outperform its last figure with -1%, having previously been at -4%. The figure will be published Friday.

Furthermore, the market is looking at as things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of -0.1%, following on from the preceding figure of 0.1%. New data is set to be published Thursday. Projections for United States Crude Oil Inventories are set for a continuation of decline with -593,000 while previous data was 8.41 million; data will be released Wednesday.

Jan. 20, 2023

Bullish US crude oil runs out of steam at $81.64; currently at $81.4 per barrel

(23:27) GMT

A quick look at today: after closing at $80.33 on yesterday, WTI crude oil rallied as high as $81.64 but ended the day at $81.4 per barrel.

This move comes while some more positive signs for WTI crude are out as data for United States Crude Oil Inventories released yesterday at 16:00 UTC is better than expected with 8.41 million, but worse than previous figure of 18.96 million.

Meanwhile, United States Existing Home Sales (Dec) came out at 4 million, while a consensus of analysts was expecting 3.96 million. United States Philadelphia Fed Manufacturing Index (Jan) released yesterday at 13:30 UTC with a figure of -8.9, while the previous figure was -13.7.

Despite posting gains on today, Crude Oil slid below its 5 day Simple Moving Average at $79.74 during the last session — an early indicator that a negative trend could be emerging. WTI crude oil's upper Bollinger Band® is at $83.07, this is a slight indication of a slowdown. WTI crude oil reversed direction at $81.63 resistance zone and retreated back 23 cents below it.

Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates West Texas crude is set for a reversal in the coming days.

This rally in WTI crude's price coincides with other Energy as Heating Oil went up by 2.67% today, and closed at $3.47. Brent Crude Oil went up by 1.68% today, and closed at $87.61.

Meanwhile, Natural Gas is down to $3.13, losing 14.1 cents, after ending the previous session around $3.27.

WTI crude oil hit a significant low of $71 around a month ago, but has since recovered 13.11%.

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