US crude oil slides 5.34% and suffers largest single-day drop since Jan 4
WTI crude oil is currently trading at $71.62 following the release of JOLTs Job Openings (Mar) data from the United States.
Amid the market gloom, United States JOLTs Job Openings (Mar) came out at 9.59 million, while a consensus of analysts was expecting 9.78 million. United States ISM Manufacturing PMI (Apr) released yesterday at 14:00 UTC with a figure of 47.1, while the previous figure was 46.3. United States Factory Orders released earlier showed a marked improvement to 0.9% from the preceding data of -1.1%, but fell short of the 1.1% figure forecast by a consensus of market analysts.
Price action pushed below a known Fibonacci support level at $74.29 by around $2.67 with prices hammering out a $71.42 – $76.11 range by session close. A crossing of the lower Bollinger Band® at $72.38 suggests further losses may follow for WTI crude oil. WTI crude oil fell below the $74.58 support zone and moved $2.96 beyond it; the next level of support with significant buyer interest is estimated at $73.48. In contrast, despite being in the red so far in the current trading session, US crude oil peaked above its 5 day Simple Moving Average around $75.9 — typically an early indicator of a new bullish trend beginning to emerge.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for WTI crude oil.
Taking a look at other Energy commodities, negative performances are evident as Brent Crude Oil is down to $75.31, losing $4, after closing at $79.31 in the preceding trading session. Heating Oil closed at $2.29 (down 3.73%). Natural Gas is trading around $2.22 (down 9.8 cents).
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -1,000,000. It previously stood at -5 million; data will be released tomorrow at 14:30 UTC.
Furthermore, United States Interest Rate figure is projected at 5.25. It previously stood at five; data will be released tomorrow at 18:00 UTC. United States ADP Nonfarm Employment Change (Apr) is scheduled for tomorrow at 12:15 UTC. United States Services PMI figure is projected at 53.7. It previously stood at 52.6; data will be released tomorrow at 13:45 UTC.
US crude oil has fallen back around 38.03% from the significant high of $122.09 set 10 months ago.