Daily Analysis For WTI Crude (US Oil) 22-03-2023

Daily Analysis For WTI Crude (US Oil) 22-03-2023

WTI Crude Oil (US Oil) Analysis
WTI Crude Oil (US Oil)
Economic Events and Scenario for WTI Crude Oil (US Oil)
Economic Events: -
GMTEventImpactCurrency
00:00(Australia) Westpac Leading Index MoMLowAUD
05:30(Netherlands) Consumer ConfidenceMediumEUR
07:00(United Kingdom) PPI Core Output YoYLowGBP
07:00(United Kingdom) PPI Core Output MoMLowGBP
07:00(United Kingdom) Core Inflation Rate MoMLowGBP
07:00(United Kingdom) PPI Output MoMLowGBP
07:00(United Kingdom) PPI Input MoMLowGBP
07:00(United Kingdom) PPI Output YoYLowGBP
07:00(United Kingdom) PPI Input YoYLowGBP
07:00(United Kingdom) Inflation Rate MoMMediumGBP
07:00(United Kingdom) Core Inflation Rate YoYMediumGBP
07:00(United Kingdom) Inflation Rate YoYHighGBP
07:00(United Kingdom) Retail Price Index YoYLowGBP
07:00(United Kingdom) Retail Price Index MoMLowGBP
08:00(Slovakia) Current AccountLowEUR
08:00(Switzerland) Current AccountMediumCHF
08:45(Euro Area) ECB President Lagarde SpeechMediumEUR
09:00(Euro Area) Current AccountLowEUR
09:00(Euro Area) Current Account s.aLowEUR
09:30(Euro Area) ECB Lane SpeechMediumEUR
10:00(Belgium) Consumer ConfidenceLowEUR
10:00(Italy) Current AccountLowEUR
10:00(United Kingdom) 5-Year Treasury Gilt AuctionLowGBP
10:30(Germany) 10-Year Bund AuctionMediumEUR
11:00(Ireland) Wholesale Prices MoMLowEUR
11:00(Ireland) Wholesale Prices YoYLowEUR
11:00(United Kingdom) CBI Industrial Trends OrdersMediumGBP
11:00(United States) MBA 30-Year Mortgage RateMediumUSD
11:00(United States) MBA Mortgage ApplicationsLowUSD
11:00(United States) MBA Mortgage Market IndexLowUSD
11:00(United States) MBA Mortgage Refinance IndexLowUSD
11:00(United States) MBA Purchase IndexLowUSD
11:30(Portugal) Current AccountLowEUR
12:05(Germany) Bundesbank Mauderer SpeechLowEUR
12:30(Canada) New Housing Price Index MoMMediumCAD
12:30(Canada) New Housing Price Index YoYMediumCAD
13:45(Euro Area) ECB Panetta SpeechLowEUR
14:00(Kosovo) Balance of TradeLowEUR
14:30(United States) EIA Refinery Crude Runs ChangeLowUSD
14:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
14:30(United States) EIA Heating Oil Stocks ChangeLowUSD
14:30(United States) EIA Gasoline Production ChangeLowUSD
14:30(United States) EIA Distillate Stocks ChangeLowUSD
14:30(United States) EIA Crude Oil Imports ChangeLowUSD
14:30(United States) EIA Gasoline Stocks ChangeMediumUSD
14:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
14:30(United States) EIA Distillate Fuel Production ChangeLowUSD
15:30(United States) 17-Week Bill AuctionLowUSD
17:00(Germany) Bundesbank Nagel SpeechLowEUR
17:30(Canada) BoC Summary of DeliberationsMediumCAD
18:00(United States) Fed Interest Rate DecisionHighUSD
18:00(United States) FOMC Economic ProjectionsHighUSD
18:00(United States) Interest Rate Projection - LongerMediumUSD
18:00(United States) Interest Rate Projection - CurrentMediumUSD
18:00(United States) Interest Rate Projection - 2nd YrMediumUSD
18:00(United States) Interest Rate Projection - 1st YrMediumUSD
18:30(United States) Fed Press ConferenceHighUSD
23:00(Japan) Reuters Tankan IndexMediumJPY
Today's Scenario: - On early Wednesday, the WTI crude oil experienced a recovery to reduce its losses after three days of decline. However, it had initially suffered a decrease due to unfavorable inventory data, a rise in the US dollar value, and discouraging news from the oil industry.
Despite the challenges, the WTI crude oil managed to regain some ground, showing a slight increase in bids. This slight improvement suggests that investors may still have faith in the commodity and are willing to buy it at a higher price.
Investors' optimism towards WTI crude oil's long-term prospects may be attributed to the global oil demand that has been gradually increasing in recent years, leading to higher prices. Nevertheless, the commodity's short-term performance is heavily influenced by factors such as inventory data, currency values, and industry news.
Buy Scenario: - The Crude Oil market experienced a drop in December 2022, reaching a low near $70.30. Since then, the commodity has been facing a descending resistance line that has been in place for the past two weeks, with the line currently sitting around $71.40. This resistance has limited the upside potential for Crude Oil, till we do not advise to buy in crude oil.
Selling Scenario: - WTI crude oil market managed to recover slightly, marking the first time in three days that it picked up bids to reduce intraday losses. However, at the beginning of the trading day, the commodity suffered a decline due to a combination of factors including negative inventory data, a corrective bounce in the US Dollar, and unfavorable news from the oil industry.
Despite the initial drop, the WTI crude oil's losses have been mild lately, with the commodity currently trading at around $69.30. This slight improvement can be attributed to the US Dollar's failure to stay strong, as well as a sense of cautious optimism among investors.
Moving forward, the WTI crude oil market is likely to be influenced by a range of factors, including inventory data, currency values, and industry news. However, the current trend suggests that the commodity may have some potential for recovery, albeit slowly. Till will did not advise to sell WTI Crude oil.
Support and Resistance Level: -
SupportResistance
S1 67.72-R1 70.56
S2 65.91-R2 71.59
S3 64.88-R3 73.40

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