WTI crude is on a bit of a rollercoaster today: spiking to $81.16 only to drop back to $79.73, now rallying again to $80.48 per barrel.
Meanwhile, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.974, while the previous figure was 4.192. United States 2-Year Note Auction released yesterday at 16:30 UTC with a figure of 4.505, while the previous figure was 4.46.
Crude Oil made an initial breakout above its 5 day Simple Moving Average at $81.25, a potential indicator of a newly emerging bullish phase. West Texas crude's lower Bollinger Band® is at $78.41, indicating that the market is oversold and fertile for new buyers. On the other hand, note that after reaching the known resistance zone beginning at $81.67, WTI crude oil price action retreated approximately $1.19.
WTI crude continues to move higher with technical analysis indicating the trend will continue in the short term.
Meanwhile, Natural Gas is trading around $6.52 (down 25.6 cents).
Other Energy are showing mixed performance as Brent Crude Oil trades close to $87.93, with no major change.
Moreover, macro data could boost sentiment further as United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%, having previously been at -0.5%. The figure will be published tomorrow at 13:30 UTC.
Also worthy of note, projections for United States Initial Jobless Claims are set for a continuation of decline with 225,000 while previous data was 222,000; data will be released tomorrow at 13:30 UTC.
Elsewhere, United States New Home Sales (Oct) is expected tomorrow at 15:00 UTC.
Approximately 8 months ago, US crude oil reached a significant high of $124.77 but has struggled to hold onto its gains and declined 36.1% since then.