While on a 4 day downtrend Today is looking a bit better: WTI crude trades at $81.91 per barrel, after ending yesterday at $81.64.
United States Existing Home Sales (Oct) is next today at 15:00 UTC.
This uncertain state for WTI crude is reflected by published market data as United States Philadelphia Fed Manufacturing Index (Nov) released yesterday at 13:30 UTC with a figure of -19.4, while the previous figure was -8.7. United States Initial Jobless Claims beat analyst expectations of 225,000 and the previous reading of 226,000 with new data of 222,000. United States Building Permits (Oct) came out at 1.53 million, while a consensus of analysts was expecting 1.51 million.
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. US crude oil has potential of recording further declines after crossing its lower Bollinger Band® at $82.49.
Despite the market lacking direction, technical chart analysis strongly suggests West Texas crude is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Energy as after ending yesterday's session at $6.37, Natural Gas lost 19 cents and is trading around $6.18.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Existing Home Sales (Oct) will be released today at 15:00 UTC.
West Texas crude reached a significant high of $124.77 around 8 months ago but has lost 34.57% since then.