US crude oil trades at $74.5 per barrel, after ending yesterday at $74.3.
United States GDP is next today at 12:30 UTC.
This uncertain state for WTI crude oil is reflected by published market data as United States Crude Oil Inventories published yesterday at 14:30 UTC came out at -5 million, falling short of the -1.49 million projections and continuing its decline from the previous -4.58 million figure. Data for United States Core Durable Goods Orders published yesterday at 12:30 UTC came out at 0.3%, beating projections of -0.2% and showing improvement over the preceding figure of -0.3%. United States 5-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.5, while the previous figure was 3.665.
Trend-following investors would be interested to note 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, WTI crude's upper Bollinger Band® is at $84.61 and the lower is $74.69.
With market volatility ebbing, the current technical outlook indicates WTI crude will remain range-bound for the immediate future.
Meanwhile, mixed performances are seen in other Energy as Natural Gas drops 8.28% to trade around $2.12. Heating Oil trades with no major change, around $2.39. Brent Crude Oil moves 0.41% to trade around $78.
Furthermore, the market is looking at projections for United States Pending Home Sales are set for a continuation of decline with 0.5% while previous data was 0.8%; data will be released today at 14:00 UTC. Today at 12:30 UTC data for United States GDP will be released, with an expected decline to two from the preceding figure of 2.6. United States Initial Jobless Claims projected to come out at 248,000 — worse than previous data of 245,000; data will be released today at 12:30 UTC.
Having set a significant high of $122.09 10 months ago, WTI crude is trading 39.14% lower.