While WTI crude is on a 5 day bullish trend, Today's session might suggest a slow down — without a clear-cut direction, WTI crude oil is trading around $80.69 per barrel and ranging between $80.26 and $81.24.
United States ADP Nonfarm Employment Change (Mar) is next today at 12:15 UTC.
This uncertain state for WTI crude oil is reflected by published market data as United States JOLTs Job Openings (Feb) released yesterday at 14:00 UTC with a figure of 9.93 million, while the previous figure was 10.56 million. United States API Weekly Crude Oil Stock came out at -4.35 million, while a consensus of analysts was expecting -1.8 million. United States Factory Orders released earlier showed a marked improvement to -0.7% from the preceding data of -2.1%, but fell short of the -0.5% figure forecast by a consensus of market analysts.
Crude Oil made an initial break below its 3 day Simple Moving Average at $80.88, a possible indication of a forthcoming negative trend. WTI crude's upper Bollinger Band® is at $82.11, suggesting that a downward move may follow. On the other hand, note that WTI crude is approaching key support, around 93 cents away from $79.76. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
According to technical indicators, US crude oil is positioned for a downward move in the short term.
Meanwhile, mixed performances are seen in other Energy as Heating Oil trades close to $2.67, with no major change. Natural Gas moves 0.38% to trade around $2.11.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -2.33 million. It previously stood at -7.49 million; data will be released today at 14:30 UTC. United States ADP Nonfarm Employment Change (Mar) will be released today at 12:15 UTC. United States ISM Non-Manufacturing PMI (Mar) will be released today at 14:00 UTC.
Having set a significant high of $122.09 9 months ago, WTI crude is trading 33.89% lower.