Daily Analysis For WTI Crude (US Oil) 23-05-2023

Daily Analysis For WTI Crude (US Oil) 23-05-2023

WTI Crude Oil (US Oil) Analysis
WTI Crude Oil (US Oil)
Economic Events and Scenario for WTI Crude Oil (US Oil)
Economic Events: -
GMTEventImpactCurrency
00:00(Australia) Judo Bank Composite PMILowAUD
00:00(Australia) Judo Bank Manufacturing PMIHighAUD
00:00(Australia) Judo Bank Services PMIHighAUD
01:00(Montenegro) Independence DayNoneEUR
01:30(Japan) Jibun Bank Manufacturing PMIMediumJPY
01:30(Japan) Jibun Bank Services PMIMediumJPY
01:30(Japan) Jibun Bank Composite PMILowJPY
07:00(Lithuania) Industrial Production MoMLowEUR
07:00(Lithuania) Industrial Production YoYLowEUR
07:00(United Kingdom) Public Sector Net BorrowingLowGBP
07:00(United Kingdom) Public Sector Net Borrowing Ex BanksLowGBP
08:00(Slovakia) Current AccountLowEUR
08:15(France) S&P Global Composite PMILowEUR
08:15(France) S&P Global Manufacturing PMIMediumEUR
08:15(France) S&P Global Services PMIMediumEUR
08:15(Euro Area) ECB Guindos SpeechHighEUR
08:15(Euro Area) ECB Jochnick SpeechLowEUR
08:30(Germany) S&P Global Composite PMILowEUR
08:30(Germany) S&P Global Services PMIHighEUR
08:30(Germany) S&P Global Manufacturing PMIHighEUR
09:00(Euro Area) Current AccountLowEUR
09:00(Euro Area) S&P Global Composite PMILowEUR
09:00(Euro Area) S&P Global Services PMIHighEUR
09:00(Euro Area) S&P Global Manufacturing PMIHighEUR
09:00(Euro Area) Current Account s.aLowEUR
09:30(Slovenia) Consumer ConfidenceLowEUR
09:30(United Kingdom) S&P Global/CIPS Manufacturing PMIHighGBP
09:30(United Kingdom) S&P Global/CIPS UK Services PMIHighGBP
09:30(United Kingdom) S&P Global/CIPS Composite PMILowGBP
10:00(Italy) Current AccountLowEUR
10:00(United Kingdom) 28-Year Index-Linked Treasury Gilt AuctionLowGBP
10:30(Germany) 2-Year Schatz AuctionLowEUR
11:00(Latvia) PPI YoYLowEUR
11:00(Latvia) PPI MoMLowEUR
11:25(Euro Area) ECB Enria SpeechLowEUR
13:00(United States) Building PermitsMediumUSD
13:00(United States) Building Permits MoMLowUSD
13:30(Canada) Raw Materials Prices YoYLowCAD
13:30(Canada) Raw Materials Prices MoMLowCAD
13:30(Canada) PPI YoYLowCAD
13:30(Canada) PPI MoMLowCAD
13:55(United States) Redbook YoYLowUSD
14:00(United States) Fed Logan SpeechMediumUSD
14:45(United States) S&P Global Services PMIHighUSD
14:45(United States) S&P Global Composite PMIMediumUSD
14:45(United States) S&P Global Manufacturing PMIHighUSD
15:00(United States) Richmond Fed Manufacturing Shipments IndexLowUSD
15:00(United States) New Home Sales MoMHighUSD
15:00(United States) Richmond Fed Services IndexLowUSD
15:00(United States) New Home SalesHighUSD
15:00(United States) Richmond Fed Manufacturing IndexLowUSD
15:30(Slovenia) Unemployment RateLowEUR
18:00(United States) 2-Year Note AuctionLowUSD
20:00(El Salvador) Balance of TradeLowUSD
21:30(United States) API Crude Oil Stock ChangeMediumUSD
23:45(New Zealand) Retail Sales YoYHighNZD
23:45(New Zealand) Retail Sales QoQHighNZD

Today's Scenario: - WTI crude oil sellers are pushing the price towards the intraday low as a stronger US Dollar and mixed market sentiment weigh on the commodity. The price of black gold has reversed from its intraday high and currently stands at $72.15.
Previously, oil prices had risen in response to hopes of a reduction in oil output in the second half of the year, supported by statements from the International Energy Agency (IEA). The IEA has warned of a potential oil shortage in the second half of the year, projecting that demand will surpass supply by almost 2 million barrels per day (bpd) according to their latest monthly report.
Please note that these factors, along with the influence of the US Dollar and overall market sentiment, are currently impacting the direction and volatility of the WTI crude oil price.

Buy Scenario: - WTI crude oil is currently trading slightly higher, up by approximately 0.36% from the previous session. The price has experienced a recovery, rising from a low of $70.72 to reach a high of $72.49 at the moment. Based on technical analysis, a bullish outlook can be derived for the commodity. Till we do not advise to buy in WTI US oil.

Selling Scenario: - The WTI crude oil price has faced resistance at the 21-day moving average (DMA) and has also broken below a two-week ascending support line, which is currently around $72.55.
These developments have given the bearish traders in the WTI crude oil market a reason for optimism. Till we did not advise to sell WTI Crude oil.

Support and Resistance Level: -
SupportResistance
S1 71.00-R1 72.85
S2 69.90-R2 73.61
S3 69.14-R3 74.71

Discussion

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