Daily Analysis For WTI Crude (US Oil) 24-05-2023

Daily Analysis For WTI Crude (US Oil) 24-05-2023

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(Japan) Reuters Tankan IndexMediumJPY
01:00(Ecuador) The Battle of PichinchaNoneUSD
02:00(Australia) Westpac Leading Index MoMLowAUD
03:00(New Zealand) RBNZ Interest Rate DecisionMediumNZD
04:00(East Timor) Inflation Rate YoYLowUSD
04:00(East Timor) Inflation Rate MoMLowUSD
04:00(New Zealand) RBNZ Press ConferenceMediumNZD
06:00(Finland) Export Prices YoYLowEUR
06:00(Finland) Import Prices YoYLowEUR
06:00(Finland) PPI YoYLowEUR
06:00(Finland) Unemployment RateLowEUR
07:00(United Kingdom) Core Inflation Rate MoMLowGBP
07:00(United Kingdom) PPI Output YoYLowGBP
07:00(United Kingdom) PPI Input YoYLowGBP
07:00(United Kingdom) PPI Input MoMLowGBP
07:00(United Kingdom) PPI Output MoMLowGBP
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) PPI Core Output YoYLowGBP
07:00(United Kingdom) PPI Core Output MoMLowGBP
07:00(United Kingdom) Retail Price Index YoYLowGBP
07:00(United Kingdom) Retail Price Index MoMLowGBP
08:00(Euro Area) ECB Non-Monetary Policy MeetingMediumEUR
08:10(Australia) RBA Jacobs SpeechMediumAUD
09:00(Germany) Ifo ExpectationsLowEUR
09:00(Germany) Ifo Current ConditionsLowEUR
09:00(Germany) Ifo Business ClimateHighEUR
10:30(Germany) 15-Year Bund AuctionLowEUR
10:30(United Kingdom) BoE Gov Bailey SpeechMediumGBP
11:00(United Kingdom) CBI Industrial Trends OrdersMediumGBP
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
14:00(Belgium) Business ConfidenceLowEUR
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Distillate 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
16:30(United States) 2-Year FRN AuctionLowUSD
17:00(Canada) 10-Year Bond AuctionLowCAD
17:10(United States) Fed Waller SpeechMediumUSD
18:00(United States) 5-Year Note AuctionLowUSD
18:45(Euro Area) ECB President Lagarde SpeechMediumEUR
19:00(United States) FOMC MinutesHighUSD
Today's Scenario: - Traders are currently evaluating the potential for a seasonal increase in gasoline demand in the United States, as well as the efforts of OPEC+ to control and discourage speculative activities in the oil market. Additionally, news of Russia's decision to reduce production has contributed to the upward movement in prices.
It is worth noting that around 70% of oil demand is closely linked to the service sector in both Western countries and China. As these economies continue to recover and return to their normal growth trends, a significant uptick in oil demand can be expected by the end of this year.
Buy Scenario: - WTI Oil is currently trading above the resistance level of 74.45 (R1), indicating strength in the market. If the upward momentum continues, it is likely that the price will trend towards the pivot level at 73.07. This suggests that the path of least resistance for the market is upward, as indicated by the daily chart. Till we do not advise to buy in WTI US oil.
Selling Scenario: - However, if the price sustains a move below the support level of 72.38 (S1), it would indicate increased selling pressure. In such a scenario, if enough downside momentum is generated, the selling could potentially push the price towards the support level of 71.00 (S2) in the near term. Till we did not advise to sell WTI Crude oil.
Support and Resistance Level: -
SupportResistance
S1 72.38-R1 74.45
S2 71.00-R2 75.15
S3 70.30-R3 76.53

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