WTI crude slides down from $92.25 to $91.8 per barrel today, losing 45.2 cents (0.49%).
- United States EIA Short-Term Energy Outlook is next.
- While flat so far today, US crude oil is on a 6 day bullish trend, gaining a total of $5.72 throughout.
Technical analysis of WTI crude oil before data is released:
Trend and momentum analysis indicates that investors are seeking long positions as Crude Oil price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, US crude oil’s upper Bollinger Band® is at $92.72, suggesting that a downward move may follow. Chart analysis suggests West Texas crude is approaching key support, around $1.59 away from $90.21. 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.
Notwithstanding WTI crude oil’s appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Coming up for US crude oil — United States Crude Oil Inventories is projected to outperform its last figure with 1.1 million. It previously stood at -3.12 million; data will be released tomorrow at 15:30 UTC. United States EIA Short-Term Energy Outlook scheduled to come out today at 17:00 UTC.
As the markets get ready for more data to be released — Natural Gas closed at $6.36 (down 8.47%). Heating Oil gained 2.03% and is now trading at $3.86.
WTI crude oil reached a significant high of $124.77 around 8 months ago but has lost 26.06% since then.