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Trading Signals

Today at 12:30 UTC: United States Building Permits (Mar), US crude oil steady at $80.67

18 April 2023

CLUSD

Without a clear-cut direction, WTI crude oil is trading around $80.67 per barrel and ranging between $80.36 and $81.28.

United States Building Permits (Mar) is next.
West Texas crude has been pretty quiet for the last 5 days, trading mostly flat and moving by only 48.7999 cents on average.

Earlier data releases related to US crude oil – United States TIC Net Long-Term Transactions (Feb) released yesterday at 20:00 UTC with a figure of 71 billion, while the previous figure was 31.9 billion. United States NY Empire State Manufacturing Index (Apr) came out at 10.8, while a consensus of analysts was expecting -18.

Technical analysis of West Texas crude before macro data is released:

Technical analysis shows that Crude Oil is approaching key support, around 61 cents away from $80.06. 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.

Coming up for West Texas crude — United States Crude Oil Inventories projected to come out at -2.46 million — worse than previous data of 597,000; data will be released tomorrow at 14:30 UTC. United States Building Permits (Mar) scheduled to come out today at 12:30 UTC.

Approximately 10 months ago, US crude oil reached a significant high of $122.09 but has struggled to hold onto its gains and declined 33.79% since then.

Market Summary

Latest Energies News

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After five days of going down, WTI crude oil is flat today, hovering around $68.76

Friday's upbeat market sentiment sees West Texas crude gain 2.5%

West Texas crude continues trading sideways, currently at $75.82

Energy in focus as bullish West Texas crude posts 2.38% gain

Upwardly mobile US crude oil extends gains by 58 cents; closes session 0.75% higher

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