West Texas crude recovered back to $80.46 per barrel after dipping down to $79.65, in a session that followed Wednesday's $80.7 close value.
- United States Non Farm Payrolls is next today at 12:30 UTC.
- While flat yesterday, West Texas crude is on a 7 day bullish trend, gaining a total of $6.33 throughout.
Earlier data releases related to US crude oil – United States Initial Jobless Claims released earlier showed a marked improvement to 228,000 from the preceding data of 246,000, but fell short of the 200,000 figure forecast by a consensus of market analysts. United States Reserve Balances with Federal Reserve Banks released yesterday at 20:30 UTC with a figure of 3.38 trillion, while the previous figure was 3.40 trillion.
Here is the technical analysis of WTI crude before macro data is released:
Crude Oil made an initial break below its 5 day Simple Moving Average at $79.74, a possible indication of a forthcoming negative trend. West Texas crude's upper Bollinger Band® is at $82.61, suggesting that a downward move may follow. Despite this, West Texas crude is currently alternating around $79.75 with price action moving above and below this key level throughout the session.
Despite the market lacking direction, technical chart analysis strongly suggests WTI crude oil is positioned for a downward move in the near term.
Coming up for West Texas crude — as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 239,000, following on from the preceding figure of 311,000. New data is set to be published today at 12:30 UTC. United States Unemployment Rate figure is projected at 3.6. It previously stood at 3.6; data will be released today at 12:30 UTC.
As the markets get ready for more data to be released — Natural Gas moves 1.19% yesterday and closed at $2.
West Texas crude is now trading 33.9% below the significant high of $122.09 it set around 9 months ago.