Daily Analysis For WTI Crude (US Oil) 10-05-2023

Daily Analysis For WTI Crude (US Oil) 10-05-2023

WTI Crude Oil (US Oil) Analysis
WTI Crude Oil (US Oil)
Economic Events and Scenario for WTI Crude Oil (US Oil)
Economic Events: -
GMTEventImpactCurrency
00:50(Japan) Foreign Exchange ReservesLowJPY
01:00(El Salvador) Mothers' DayNoneUSD
05:30(Netherlands) Manufacturing Production MoMLowEUR
06:00(Estonia) Balance of TradeLowEUR
06:00(Finland) Industrial Production YoYLowEUR
06:00(Japan) Coincident IndexLowJPY
06:00(Japan) Leading Economic IndexLowJPY
07:00(Germany) Harmonised Inflation Rate YoYLowEUR
07:00(Germany) Harmonised Inflation Rate MoMLowEUR
07:00(Germany) Inflation Rate MoMMediumEUR
07:00(Germany) Inflation Rate YoYMediumEUR
07:00(Germany) CPIHighEUR
07:00(Lithuania) Balance of TradeLowEUR
08:00(Austria) Industrial Production YoYLowEUR
08:00(Slovakia) Industrial Production YoYLowEUR
09:00(Italy) Industrial Production YoYLowEUR
09:00(Italy) Industrial Production MoMMediumEUR
09:30(Slovenia) Industrial Production YoYLowEUR
10:00(Belgium) Industrial Production MoMLowEUR
10:00(Belgium) Industrial Production YoYLowEUR
10:00(Cyprus) Balance of TradeLowEUR
10:00(Greece) Harmonised Inflation Rate YoYLowEUR
10:00(Greece) Inflation Rate YoYLowEUR
10:00(Greece) Inflation Rate MoMLowEUR
10:00(Greece) Industrial Production YoYLowEUR
10:00(Malta) Balance of TradeLowEUR
10:00(United Kingdom) 10-Year Treasury Gilt AuctionLowGBP
10:10(Italy) 12-Month BOT AuctionLowEUR
10:30(Germany) 30-Year Bund AuctionLowEUR
11:00(Spain) Consumer ConfidenceMediumEUR
11:00(Latvia) Balance of TradeLowEUR
11:00(Portugal) Balance of TradeLowEUR
11:00(Portugal) Unemployment RateLowEUR
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
13:30(Canada) Building Permits MoMLowCAD
13:30(United States) Inflation Rate MoMMediumUSD
13:30(United States) Core Inflation Rate MoMMediumUSD
13:30(United States) Inflation Rate YoYHighUSD
13:30(United States) Core Inflation Rate YoYHighUSD
13:30(United States) CPIHighUSD
13:30(United States) CPI s.aHighUSD
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Distillate Stocks ChangeLowUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production ChangeLowUSD
15:30(United States) EIA Crude Oil Imports ChangeLowUSD
15:30(United States) EIA Gasoline Stocks ChangeMediumUSD
15:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
15:30(United States) EIA Distillate Fuel Production ChangeLowUSD
16:30(United States) 17-Week Bill AuctionLowUSD
17:00(Canada) 2-Year Bond AuctionLowCAD
18:00(United States) 10-Year Note AuctionLowUSD
19:00(United States) Monthly Budget StatementMediumUSD
23:45(New Zealand) Food Inflation YoYLowNZD

Today's Scenario: - During Wednesday's early hours in the Asian session, the WTI crude oil price is stationary at around mid-$73.00s. This follows a four-day recovery from its lowest levels since December 2021. The cautious market sentiment is evident as investors await the release of key US inflation data and mixed signals from the ongoing US debt-ceiling talks in the White House. However, the possibility of the US replenishing its Strategic Petroleum Reserves (SPR) is providing some hope for WTI buyers.

Buy Scenario: - WTI oil traders are currently attempting to establish a new higher support level at 71.94 (S1) which, if successful, could drive prices towards the pivot at 72.83 in the near future. Till we do not advise to buy in WTI US oil.

Selling Scenario: - However, a failure to hold 71.94 (S1) would indicate weakness and could trigger a decline towards (S2) at 70.42. Thus, the direction of the near-term trend will be determined by the ability to maintain control of the 71.94 (S1) level. Till we did not advise to sell WTI Crude oil.

Support and Resistance Level: -
SupportResistance
S1 71.94-R1 74.35
S2 70.42-R2 75.24
S3 69.53-R3 76.77

Discussion

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