Crude OIL Weekly Analysis (week of 20-24/07)

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

Jul. 24, 2020

Crude is trading around 41.25 after starting the day at 41.07 (up 0.44%)

(19:01) GMT

A mostly flat day so far for Oil, ranging between 41.67 and 40.66 and is now at 41.25.

Uptick comes while some more positive signs for Crude oil are out as United States Money Supply beats expectations of 1,300K with new data release of 1,416K. This is also a step forward from the previous data of 1,307K.

Despite this, other data released earlier might suggest a different path as While down from preceding data of 45B, United States Natural Gas Storage is better than expected at 37B according to new data released Thursday 2:30 PM. United States Continuing Jobless Claims fall short of the 17,067K projections, with 16,197K and continued its downward trajectory from previous figure of 17,304K. Data for United States Jobless Claims 4-Week Avg. was released Thursday 12:30 PM suggests a downwards trend with 1,360.25K, while previous data was 1,376.75K.

With no clear-cut projections the market is looking forward for United States CFTC set for today at 7:30 PM.

Jul. 23, 2020

Crude oil hovers around 41.06

(22:01) GMT

Crude moves from 41.07 to 41.06, a 0 cents change.

This limbo state for Crude oil is reflected by market data published as United States Home Sales released earlier shows an improvement to 4.72M from the preceding data of 3.91M, but falls short of the projected 4.78M. Down from preceding data of -1.983M, United States Imports is released with a new figure of -0.076M. New data for United States Money Supply was released today at 12:30 PM comes out at 1,416K, beating projections of 1,300K and showing improvement over the preceding figure of 1,307K. United States Crude Oil Inventories released Wednesday 2:30 PM with a figure of -0.016M, this is better from previous number of 0.050M.

Data to be released later might clear up some of the fog for Crude as United States Home Sales is projected to outperform last figure with 700K, while it previously stood at 676K, data will be released tomorrow at 2:00 PM.

Jul. 22, 2020

Crude oil is trading around 41.76 after starting the day at 41.9 (down -0.33%)

(22:01) GMT

Oil recovered back to 41.76 after dipping down to 41.14 in a session that started at 41.9.

Looking ahead, this trend may be prolonged as Expectations for United States Continuing Jobless Claims are set for a continuation of decline with 17,067K while previous data was 17,338K, data will be released tomorrow at 12:30 PM.

Some optimism can drawn from the fact that United States Natural Gas Storage is projected to outperform last figure with 47B, while it previously stood at 45B, figure will be published tomorrow at 2:30 PM.

Market will keep its eye on United States Money Supply set for tomorrow at 12:30 PM. United States Jobless Claims 4-Week Avg. set for tomorrow at 12:30 PM.


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Jul. 21, 2020

Crude oil goes back up to Mar, 06 levels, reaching 42.4

(21:01) GMT

Crude oil moves from 40.81 to 41.76, a 94 cents change.

Oil green move comes while some more encouraging signs are out as United States Chicago Fed National Activity (Jun) released today at 12:30 PM with a figure of 4.11, this is better from previous number of 3.50.

Despite this, other data released earlier might suggest a different path as Down from preceding data of -5.5%, United States Redbook is released with a new figure of -7.5%. Down from preceding data of 0.145%, United States 3-Month Bill Auction is released with a new figure of 0.120%. Down from preceding data of 0.145%, United States 6-Month Bill Auction is released with a new figure of 0.130%.

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

Jul. 20, 2020

After starting the day at 40.81, Crude drifts to 40.69 (down 12 cents)

(22:01) GMT

Crude slides down from 40.81 to 40.69, taking a 12 cents loss (-0.29%).

This downslide might be related to financial indicators data published earlier as Down from preceding data of 0.145%, United States 3-Month Bill Auction is released with a new figure of 0.120%. Data for United States 6-Month Bill Auction was released today at 3:30 PM suggests a downwards trend with 0.130%, while previous data was 0.145%.

Market will keep its eye on United States Crude Oil Inventories set for tomorrow at 8:30 PM. United States Redbook set for tomorrow at 12:55 PM. United States Chicago Fed National Activity (Jun) set for tomorrow at 12:30 PM.

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