Crude OIL Weekly Analysis (week of 13-17/07)

United States Industrial Production set for today at 5:00 PM.

Jul. 17, 2020

After starting the day at 40.75, Crude drifts to 40.61 (down 14 cents)

(20:01) GMT

Crude oil slides down from 40.75 to 40.61, taking a 14 cents loss (-0.34%).

This downslide might be related to financial indicators data published earlier as Data for United States Industrial Production was released today at 5:00 PM suggests a downwards trend with 180, while previous data was 181. Data for United States Retail Sales was released Thursday 12:30 PM is better than expected with 7.5%, but worse than previous figure of 18.2%. While down from preceding data of 1,310K, United States Money Supply is better than expected at 1,300K according to new data released Thursday 12:30 PM.

On the flip side, positive data for Crude released earlier when United States Building Permits released earlier shows an improvement to 1.241M from the preceding data of 1.216M, but falls short of the projected 1.290M.

Jul. 16, 2020

Crude oil is trading around 40.73

(22:01) GMT

A mostly flat day so far for Oil, ranging between 41.18 and 40.52 and is now at 40.73.

Jul. 15, 2020

Crude goes back up to Mar, 06 levels, reaching 41.26

(20:01) GMT

Hesitant but green: from an earlier low of 40.08, Crude oil up to 41.0 gaining 71 cents compared to the 40.29 start of the day (1.76%).

Oil green move comes while some more encouraging signs are out as United States Crude Oil Inventories beats expectations of -2.100M with new data release of -8.322M. This is also a step forward from the previous data of 2.000M. United States Consumer Price Index released Tuesday 12:30 PM with a figure of 0.6%, this is better from previous number of 0.1%. United States Redbook released Tuesday 12:55 PM with a figure of -5.5%, this is better from previous number of -6.9%. United States NFIB Small Business Optimism (Jun) released Tuesday 10:00 AM with a figure of 100.6, this is better from previous number of 94.4.

Traders might want to keep an eye for a setback as United States Retail Sales looks to be getting worse with an expected 5.0% while preceding figure was 17.7%, new data will be released tomorrow at 12:30 PM.


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Jul. 14, 2020

After starting the day at 40.1, Crude oil crawls to 40.46 (up 35 cents)

(21:01) GMT

A mostly flat day so far for Crude oil, ranging between 40.57 and 39.07 and is now at 40.46.

Oil green move comes while some more encouraging signs are out as New data for United States Crude Oil Inventories was released today at 8:30 PM comes out at -8.322M, beating projections of -2.100M and showing improvement over the preceding figure of 2.000M. United States Consumer Price Index released today at 12:30 PM with a figure of 0.6%, this is better from previous number of 0.1%. United States Redbook released today at 12:55 PM with a figure of -5.5%, this is better from previous number of -6.9%.

Despite this, other data released earlier might suggest a different path as United States Budget Balance fall short of the -863.0B projections, with -864.0B and continued its downward trajectory from previous figure of -399.0B.

With no clear-cut projections the market is looking forward for United States Imports set for tomorrow at 2:30 PM.

Jul. 13, 2020

Crude oil is trading around 39.6 after starting the day at 40.1 (down -1.25%)

(22:01) GMT

Crude recovered back to 39.6 after dipping down to 39.47 in a session that started at 40.1.

This downslide might be related to financial indicators data published earlier as United States Budget Balance fall short of the -863.0B projections, with -864.0B and continued its downward trajectory from previous figure of -399.0B. Data for United States 3-Month Bill Auction was released today at 3:30 PM suggests a downwards trend with 0.145%, while previous data was 0.150%. Data for United States 6-Month Bill Auction was released today at 3:30 PM suggests a downwards trend with 0.145%, while previous data was 0.165%.

Market will keep its eye on United States Crude Oil Inventories set for tomorrow at 8:30 PM. United States Federal Open Market Committee scheduled for tomorrow at 6:30 PM.

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