After ending yesterday at $77.07, today West Texas crude went up to $77.93 before paring back gains and settling around $76.5 per barrel.
- New United States Core Durable Goods Orders improved upon the previous -0.3% figure while also exceeding analyst expectations with a reading of 0.3%.
- Today's losses are adding to a 12 day bearish run, during which US crude oil lost $6.2 of its value.
United States Core Durable Goods Orders beat analyst expectations of -0.2% and the previous reading of -0.3% with new data of 0.3%. United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000.
Crude Oil could begin to recover as it approaches significant support, now 39 cents away from $76.11. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, WTI crude oil peaked above its 5 day Simple Moving Average around $77.78 — typically an early indicator of a new bullish trend beginning to emerge. West Texas crude's lower Bollinger Band® is at $76.18, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems WTI crude oil is set to appreciate despite today's setback.
United States Crude Oil Inventories is projected to outperform its last figure with -1.49 million. It previously stood at -4.58 million; data will be released today at 14:30 UTC. Tomorrow at 14:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 0.5% from the preceding figure of 0.8%.
After ending yesterday's session at $2.31, Natural Gas lost 8.9 cents and is trading around $2.22. After ending yesterday's session at $2.45, Heating Oil lost 3.56 cents and is trading around $2.42.
West Texas crude has fallen back around 36.87% over the past 10 months, from a notable high of $122.09.