Published on Apr 3, 2023

Daily Analysis For WTI Crude (US Oil) 03-04-2023

WTI Crude Oil (US Oil) Analysis

Economic Events and Scenario for WTI Crude Oil (US Oil)

Economic Events: -

GMT	Event	Impact	Currency
00:00	(Australia) Judo Bank Manufacturing PMI	High	AUD
00:50	(Japan) Tankan Small Manufacturers Index	Low	JPY
00:50	(Japan) Tankan Large Non-Manufacturing Index	Low	JPY
00:50	(Japan) Tankan Large All Industry Capex	Low	JPY
00:50	(Japan) Tankan Large Manufacturers Index	High	JPY
00:50	(Japan) Tankan Non-Manufacturing Outlook	Low	JPY
00:50	(Japan) Tankan Large Manufacturing Outlook	Low	JPY
01:01	(Ireland) AIB Manufacturing PMI	Low	EUR
01:30	(Japan) Jibun Bank Manufacturing PMI	Medium	JPY
02:15	(Australia) TD-MI Inflation Gauge MoM	Low	AUD
02:30	(Australia) Home Loans MoM	Medium	AUD
02:30	(Australia) Investment Lending for Homes	Medium	AUD
02:30	(Australia) Private House Approvals MoM	Low	AUD
02:30	(Australia) Building Permits MoM	Medium	AUD
02:30	(Australia) Retail Sales MoM	High	AUD
02:30	(Australia) Building Permits YoY	Low	AUD
02:45	(China) Caixin Manufacturing PMI	High	CNY
04:35	(Japan) 3-Month Bill Auction	Low	JPY
06:00	(Netherlands) NEVI Manufacturing PMI	Low	EUR
07:30	(Australia) Commodity Prices YoY	Low	AUD
07:30	(Switzerland) Inflation Rate MoM	Low	CHF
07:30	(Switzerland) Inflation Rate YoY	Medium	CHF
07:30	(Switzerland) CPI	High	CHF
07:45	(France) Budget Balance	Low	EUR
08:00	(Spain) Tourist Arrivals YoY	Low	EUR
08:15	(Spain) S&P Global Manufacturing PMI	High	EUR
08:30	(Austria) Unemployment Rate	High	EUR
08:30	(Austria) Unemployed Persons	Low	EUR
08:30	(Switzerland) procure.ch Manufacturing PMI	High	CHF
08:45	(Italy) S&P Global Manufacturing PMI	High	EUR
08:50	(France) S&P Global Manufacturing PMI	Medium	EUR
08:55	(Germany) S&P Global Manufacturing PMI	High	EUR
09:00	(Euro Area) S&P Global Manufacturing PMI	High	EUR
09:00	(Germany) New Car Registrations YoY	Low	EUR

09:00	(Greece) S&P Global Manufacturing PMI	High	EUR
09:00	(Australia) Myfxbook AUDUSD Sentiment	Medium	AUD
09:00	(Switzerland) Myfxbook USDCHF Sentiment	Medium	CHF
09:00	(Japan) Myfxbook USDJPY Sentiment	Medium	JPY
09:00	(European Union) Myfxbook EURUSD Sentiment	Medium	EUR
09:00	(United Kingdom) Myfxbook GBPUSD Sentiment	Medium	GBP

09:00	(Canada) Myfxbook USDCAD Sentiment	Medium	CAD
09:00	(New Zealand) Myfxbook NZDUSD Sentiment	Medium	NZD
09:30	(United Kingdom) S&P Global/CIPS Manufacturing PMI	High	GBP
10:00	(Belgium) New Car Registrations YoY	Low	EUR
10:00	(Cyprus) Retail Sales YoY	Low	EUR
10:00	(Italy) New Car Registrations YoY	Low	EUR
10:30	(Germany) 3-Month Bubill Auction	Low	EUR
11:00	(Latvia) Industrial Production MoM	Low	EUR
11:00	(Latvia) Industrial Production YoY	Low	EUR
11:00	(Portugal) Industrial Production MoM	Low	EUR
11:00	(Portugal) Industrial Production YoY	Low	EUR
11:00	(Spain) New Car Sales YoY	Low	EUR
11:00	(Cyprus) Current Account	Low	EUR
14:00	(France) 3-Month BTF Auction	Low	EUR
14:00	(France) 12-Month BTF Auction	Low	EUR
14:00	(France) 6-Month BTF Auction	Low	EUR
14:30	(Canada) S&P Global Manufacturing PMI	High	CAD
14:45	(United States) S&P Global Manufacturing PMI	High	USD
15:00	(United States) ISM Manufacturing Prices	Low	USD
15:00	(United States) ISM Manufacturing Employment	Medium	USD
15:00	(United States) Construction Spending MoM	Low	USD
15:00	(United States) ISM Manufacturing PMI	High	USD
15:00	(United States) ISM Manufacturing New Orders	Low	USD
15:30	(Canada) BoC Business Outlook Survey	Medium	CAD
16:30	(United States) 3-Month Bill Auction	Low	USD
16:30	(United States) 6-Month Bill Auction	Low	USD
21:15	(United States) Fed Cook Speech	Medium	USD
23:00	(New Zealand) NZIER Capacity Utilization	Low	NZD
23:00	(New Zealand) NZIER Business Confidence	Low	NZD

Today's Scenario: - West Texas Intermediate (WTI) futures on NYMEX experienced a correction after failing to maintain levels above $81.00 during the Asian trading session. The oil price saw a significant gap-up opening above $81.00, which was 7% higher than Friday's closing price. This surge in price was due to OPEC+ announcing further production cuts over the weekend. However, the price was unable to sustain these levels and experienced a correction in the subsequent trading session.

Buy Scenario: - Buyers of WTI crude oil are being directed towards the 200-day moving average (DMA) hurdle around $83.35, following a clear upside break of the five-month-old descending resistance line, which is now acting as support at around $78.30. However, the high point in January of around $82.70 could present an immediate obstacle for further upside

Selling Scenario: - On the downside, the previous monthly high of nearly $81.00 and an ascending support line from March 20, located near $75.40, are additional levels that could prevent a further decline in prices. Till will did not advise to sell WTI Crude oil.

Support and Resistance Level: -