Daily Analysis For WTI Crude (US Oil) 14-04-2023

Daily Analysis For WTI Crude (US Oil) 14-04-2023

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(Cyprus) Good FridayNoneEUR
01:00(Greece) Orthodox Good FridayNoneEUR
01:00(Montenegro) Good FridayNoneEUR
04:35(Japan) 3-Month Bill AuctionLowJPY
06:00(Finland) Inflation Rate YoYLowEUR
06:00(Finland) Inflation Rate MoMLowEUR
06:00(Finland) GDP YoYLowEUR
06:00(Finland) CPILowEUR
07:00(Germany) Wholesale Prices YoYMediumEUR
07:00(Germany) Wholesale Prices MoMMediumEUR
07:30(Switzerland) Producer & Import Prices MoMLowCHF
07:30(Switzerland) Producer & Import Prices YoYLowCHF
07:45(France) Inflation Rate YoYMediumEUR
07:45(France) Inflation Rate MoMMediumEUR
07:45(France) Harmonised Inflation Rate MoMLowEUR
07:45(France) Harmonised Inflation Rate YoYLowEUR
08:00(China) FDI (YTD) YoYMediumCNY
08:00(Slovakia) CPILowEUR
08:00(Slovakia) Inflation Rate MoMLowEUR
08:00(Slovakia) Inflation Rate YoYLowEUR
08:00(Slovakia) Core Inflation Rate MoMLowEUR
08:00(Slovakia) Core Inflation Rate YoYLowEUR
08:00(Spain) CPIHighEUR
08:00(Spain) Core Inflation Rate YoYLowEUR
08:00(Spain) Inflation Rate MoMLowEUR
08:00(Spain) Inflation Rate YoYLowEUR
08:00(Spain) Harmonised Inflation Rate YoYLowEUR
08:00(Spain) Harmonised Inflation Rate MoMLowEUR
09:00(France) IEA Oil Market ReportMediumEUR
10:30(Belgium) Construction Output YoYLowEUR
11:00(Ireland) Balance of TradeLowEUR
13:30(Canada) Manufacturing Sales MoMLowCAD
13:30(Canada) New Motor Vehicle SalesLowCAD
13:30(United States) Import Prices YoYLowUSD
13:30(United States) Retail Sales Ex Gas/Autos MoMHighUSD
13:30(United States) Export Prices YoYLowUSD
13:30(United States) Import Prices MoMMediumUSD
13:30(United States) Export Prices MoMMediumUSD
13:30(United States) Retail Sales MoMHighUSD
13:30(United States) Retail Sales YoYHighUSD
13:30(United States) Retail Sales Ex Autos MoMHighUSD
13:45(United States) Fed Waller SpeechMediumUSD
14:15(United States) Manufacturing Production MoMLowUSD
14:15(United States) Capacity UtilizationLowUSD
14:15(United States) Manufacturing Production YoYLowUSD
14:15(United States) Industrial Production YoYMediumUSD
14:15(United States) Industrial Production MoMMediumUSD
15:00(United States) Retail Inventories Ex Autos MoMLowUSD
15:00(United States) Business Inventories MoMMediumUSD
15:00(United States) Michigan Inflation ExpectationsLowUSD
15:00(United States) Michigan Consumer SentimentHighUSD
15:00(United States) Michigan Consumer ExpectationsLowUSD
15:00(United States) Michigan Current ConditionsLowUSD
15:00(United States) Michigan 5 Year Inflation ExpectationsLowUSD
16:30(United Kingdom) BoE Tenreyro SpeechMediumGBP
18:00(El Salvador) Inflation Rate MoMLowUSD
18:00(El Salvador) Inflation Rate YoYLowUSD
18:00(United States) Baker Hughes Oil Rig CountLowUSD
18:00(United States) Baker Hughes Total Rig CountLowUSD
19:15(Germany) Bundesbank Nagel SpeechLowEUR
Today's Scenario: - Oil prices have exhibited a resurgence and are endeavoring to surpass the nearby hurdle of $82.60. Despite the anticipated dreary demand outlook, the black gold has bounced back impressively. According to Reuters, OPEC decided to maintain its projection for global oil demand growth for 2023 at 2.32 million barrels per day on Thursday.
It's encouraging to observe the oil market showing some resilience after experiencing a tumultuous period over the last couple of years. The persistent uncertainty surrounding the global economy and the COVID-19 pandemic's aftermath had a significant impact on oil prices. However, the recent price recovery is a positive indication that the oil market is on a path towards recovery.
Buy Scenario: - if the WTI crude oil price manages to surge past December's high of $83.30, it could lead to a bullish trend. However, the buyers may face multiple hurdles marked during late 2022, around $84.70-80.
In a scenario where the black gold remains firm past $84.80, it may open up the possibility of witnessing the price reaching $90.00. Overall, WTI crude oil is likely to witness further pullback, but there is no sign of a significant bearish trend. Till we do not advise to buy in WTI US oil.
Selling Scenario: - During the early hours of Friday, WTI crude oil price is seen defending its previous day's retreat from multi-day highs, hovering near $82.20. This price level is justifying the overbought RSI conditions, indicating that the energy benchmark may have to face some selling pressure. The current price marks the 61.8% Fibonacci retracement level of the oil's fall from November 2021 to March 2022.
Despite the bearish pressure, WTI crude oil has some solid support at the resistance-turned-support line from December 2022 and the 200-day Exponential Moving Average (EMA), which stands around $81.60. It may prove to be challenging for the oil sellers to break through these levels. Even if the price drops below $81.60, the 50% Fibonacci retracement level and the 100-EMA, located at $78.50 and $78.30 respectively, could act as a barrier for the bears. Till we did not advise to sell WTI Crude oil.
Support and Resistance Level: -
SupportResistance
S1 81.79-R1 83.06
S2 81.26-R2 83.81
S3 80.51-R3 84.34

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