Daily Analysis For WTI Crude (US Oil) 04-05-2023

Daily Analysis For WTI Crude (US Oil) 04-05-2023

WTI Crude Oil (US Oil) Analysis
WTI Crude Oil (US Oil)
Economic Events and Scenario for WTI Crude Oil (US Oil)
Economic Events: -
GMTEventImpactCurrency
01:00(Japan) Greenery DayNoneJPY
01:00(Latvia) Declaration of Independence DayNoneEUR
01:01(Ireland) AIB Services PMILowEUR
02:30(Australia) Exports MoMLowAUD
02:30(Australia) Imports MoMLowAUD
02:30(Australia) Balance of TradeHighAUD
02:45(China) Caixin Manufacturing PMIHighCNY
06:00(Estonia) Industrial Production MoMLowEUR
06:00(Estonia) Industrial Production YoYLowEUR
07:00(Germany) Balance of TradeHighEUR
07:00(Germany) Exports MoMMediumEUR
07:00(Germany) Imports MoMLowEUR
08:00(Spain) Unemployment ChangeHighEUR
08:00(Spain) Tourist Arrivals YoYLowEUR
08:15(Spain) S&P Global Services PMIHighEUR
08:15(Spain) S&P Global Composite PMILowEUR
08:45(Italy) S&P Global Services PMIHighEUR
08:45(Italy) S&P Global Composite PMILowEUR
08:50(France) S&P Global Services PMIMediumEUR
08:50(France) S&P Global Composite PMILowEUR
08:55(Germany) S&P Global Services PMIHighEUR
08:55(Germany) S&P Global Composite PMILowEUR
09:00(Euro Area) S&P Global Composite PMILowEUR
09:00(Euro Area) S&P Global Services PMIHighEUR
09:00(United Kingdom) New Car Sales YoYLowGBP
09:30(United Kingdom) S&P Global/CIPS UK Services PMIHighGBP
09:30(United Kingdom) Net Lending to Individuals MoMLowGBP
09:30(United Kingdom) Mortgage ApprovalsMediumGBP
09:30(United Kingdom) Mortgage LendingMediumGBP
09:30(United Kingdom) BoE Consumer CreditMediumGBP
09:30(United Kingdom) S&P Global/CIPS Composite PMILowGBP
09:40(Spain) Index-Linked Obligacion AuctionLowEUR
09:40(Spain) Obligacion AuctionLowEUR
09:40(Spain) Bonos AuctionLowEUR
09:40(Spain) 3-Year Bonos AuctionLowEUR
10:00(France) New Car Registrations YoYLowEUR
10:00(Cyprus) Inflation Rate YoYLowEUR
10:00(Cyprus) Inflation Rate MoMLowEUR
10:00(Euro Area) PPI MoMLowEUR
10:00(Euro Area) PPI YoYLowEUR
10:00(France) 10-Year OAT AuctionLowEUR
11:00(Ireland) Unemployment RateLowEUR
12:30(Germany) New Car Registrations YoYLowEUR
12:30(United States) Challenger Job CutsLowUSD
13:15(Euro Area) Marginal Lending RateLowEUR
13:15(Euro Area) Deposit Facility RateHighEUR
13:15(Euro Area) ECB Interest Rate DecisionHighEUR
13:30(Canada) ImportsLowCAD
13:30(Canada) ExportsLowCAD
13:30(Canada) Balance of TradeHighCAD
13:30(United States) Unit Labour Costs QoQMediumUSD
13:30(United States) Nonfarm Productivity QoQMediumUSD
13:30(United States) Jobless Claims 4-week AverageHighUSD
13:30(United States) Continuing Jobless ClaimsHighUSD
13:30(United States) Initial Jobless ClaimsHighUSD
13:30(United States) Balance of TradeHighUSD
13:30(United States) ExportsMediumUSD
13:30(United States) ImportsMediumUSD
13:45(Euro Area) ECB Press ConferenceHighEUR
15:00(Canada) Ivey PMI s.aHighCAD
15:30(United States) EIA Natural Gas Stocks ChangeLowUSD
15:30(United States) NY Fed Treasury Purchases TIPS 1 to 7.5 yrsLowUSD
16:30(United States) 8-Week Bill AuctionLowUSD
16:30(United States) 4-Week Bill AuctionLowUSD

Today's Scenario: - The WTI crude oil market has recently seen high volatility, with bulls pushing the price up to around $83.50 per barrel following OPEC production cuts, before a sharp drop to a low of $63.61 per barrel. However, the bulls have since regained control and pushed the price back up to a 61.8% Fibonacci retracement level.

Buy Scenario: - If the Oil price manages to remain firm past the $72.65 level, the $80.00 round figure, a descending trend line from September 2022, close to $82.00, and the 100-SMA level of around $84.50 could challenge the Oil buyers. Till we do not advise to buy in WTI US oil.

Selling Scenario: - However, if the energy benchmark fails to remain firm, the $67.00-66.75 region and the support line from May 2021 at around $64.00 will be in the spotlight. Overall, WTI bears seem to have lost momentum, but a full recovery remains uncertain. Till we did not advise to sell WTI Crude oil.

Support and Resistance Level: -
SupportResistance
S1 66.78-R1 70.58
S2 65.45-R2 73.05
S3 62.98-R3 74.38

Discussion

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