Crude OIL Live News

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Jul. 6, 2022

US crude oil is trading around $101.8 per barrel, down by 43.9 cents (0.43%)

Live - Updated 60 minutes ago.

WTI crude is down to $101.8 per barrel, after ending yesterday at $102.24. Overall, a 0.43% loss or 43.9 cents today.

Meanwhile, data for United States Factory Orders (MoM) (May) released yesterday at 2:00 PM comes out at 1.6, beating projections of 0.5 and showing improvement over the preceding figure of 0.7.

Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, Bollinger bands shows an indication of recovery: the lower band is at $100.24, a low enough level to, generally, suggest that WTI crude is trading below its value.

Overall, the technical outlook suggests US crude oil is likely to remain muted for the immediate future, with no clear-cut direction.

In the meantime, negative performances are also seen in other Energy, Brent crude oil dropped by $11.15 (1.69%), having its largest single-day fall since Mar 28. It has been around 3 months since NYMEX Natural Gas traded at $5.46. Heating Oil is currently exploring fresh lows at $3.57, last seen around 7 weeks ago.

Looking ahead, this trend may be prolonged as United States JOLTs Job Openings (May) expected to decline to 11 million, while its preceding data was 11.4 million, data will be available today at 2:00 PM.

Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to rise to -1.1 million, beating the previous -2.76 million figure. Official data is expected tomorrow at 3:00 PM. United States ADP Nonfarm Employment Change (Jun) is projected to outperform its last figure with 200,000. It previously stood at 128,000, and data will be released tomorrow at 12:15 PM.

West Texas crude is now trading 18.06% below the recent high of $124.77 it set around 3 months ago.

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Week to date

West Texas crude shifts up to $101.8 per barrel (a 0% gain) after closing the previous session at zero cents .

Trading week at a glance - Crude Oil is up to $101.8 per barrel, after closing yesterday at zero cents. Overall, a 0% move or $101.8 this week. (Start trading WTI crude at FXTM today).

This move comes while some more positive signs for US crude oil are out as data for United States Initial Jobless Claims released Thursday is better than expected with 231,000, but worse than previous figure of 233,000.

Nevertheless United States ISM Manufacturing PMI (Jun) published Friday came out at 53, falling short of the 54.9 projections and continuing its decline from the previous 56.1 figure. United States Core PCE Price Index (MoM) (May) fall short of the 0.4 projections, with 0.3 and marks no progress over previous figure of 0.3. Crude Oil Inventories in United States fell short of the -569,000 projection with -2.76 million and continued its downward trajectory from previous figure of -386,000. Following a previous reading of -1.5, GDP (QoQ) (Q1) in United States released Wednesday fell short of the -1.5 figure expected by analysts with an actual reading of -1.6.

Outlook for rest of the week: Positive West Texas crude indicators are expected going forward as United States Crude Oil Inventories is projected to outperform its last figure with -1.1 million. It previously stood at -2.76 million, and data will be released tomorrow at 3:00 PM. United States ADP Nonfarm Employment Change (Jun) is projected to rise to 200,000, beating the previous 128,000 figure. Official data is expected tomorrow at 12:15 PM.

United States JOLTs Job Openings (May) expected to decline to 11 million, while its preceding data was 11.4 million, data will be available today at 2:00 PM.