- WTI remains stable in the $110 area, a little lower on the day, although almost sideways on the week.
- WTI is trading in the middle of its weekly $105-$115 range as traders continue to ponder various issues.
oil prices They were down a bit on Friday, although they remain comfortably within recent ranges and are not trading with much conviction. WTI futures of the first month they last traded near $110 a barrel, down just under $2 on the day, though still trading nearly $5 above Thursday’s lows around $105. WTI looks set to close the week almost flat, having failed to test late March highs of $116.50 in the early part of the week, before coming under pressure from sharply deteriorating equity market sentiment World Cups on Wednesday.
The lack of new fundamental developments related to oil this week means that it is not too surprising to see WTI in the middle of the $105-$115 range this week. Firstly, there has been little news regarding the EU’s proposed ban on imports of Russian oil. The proposal has not yet achieved the unanimous agreement among EU member states needed to enter into force, and Hungary continues to resist, although analysts hope a deal can be reached at an EU Council summit later this month. .
This lack of progress, combined with the drop in global equities this week as investors fret over aggressive central bank (Fed) tightening amid sky-high inflation despite slowing global growth, prevented WTI from exceeding $110.50. However, new evidence of OPEC+ production difficulties (as smaller countries continue to produce less than forecast and Russian production declines), relaxation of lockdowns in China, and lack of progress in reducing The sanctions on oil exports from Iran and Venezuela, in addition to the weakness of the dollar, helped WTI find many buyers and reach $100.50 again.
Meanwhile, this week’s data showed that despite recent inflation in fuel prices (and prices in general), US consumer spending is holding up. April retail sales data, released on Tuesday, came in better than expected, while weekly US inventory data, released on Wednesday, showed a further decline in crude inventories and US refiners operating. at full capacity. Additionally, data from the Federal Highway Administration on Friday showed vehicle miles traveled in the US continue to rise, indicating no substantial demand destruction yet.
WTI US OIL
|Last Price Today||108.92|
|Today’s Daily Change||-0.03|
|Today’s Daily Change %||-0.03|
|Today’s Daily Opening||108.95|
|20 Daily SMA||104.84|
|50 Daily SMA||103.66|
|100 Daily SMA||96.6|
|200 Daily SMA||85.34|
|Previous Daily High||109.84|
|Previous Daily Minimum||102.99|
|Previous Maximum Weekly||109.55|
|Previous Weekly Minimum||97.21|
|Monthly Prior Maximum||109.13|
|Previous Monthly Minimum||92.65|
|Daily Fibonacci 38.2%||107.23|
|Daily Fibonacci 61.8%||105.61|
|Daily Pivot Point S1||104.68|
|Daily Pivot Point S2||100.41|
|Daily Pivot Point S3||97.83|
|Daily Pivot Point R1||111.53|
|Daily Pivot Point R2||114.11|
|Daily Pivot Point R3||118.38|
Source: Fx Street