The WTI US Crude pricing is hovering near $73.05 per barrel through Thursday’s trading period. Crude prices for oil rose, fueled by confidence from the OPEC report. Which predicts strong rise in usage of oil in 2024 as well as 2025. The analysis projects a rise of 2.25 million barrels of oil a day in the year 2024. Comparable to the estimations given in Dec, while expects an increase of 1.85 Mil bpd year 2025.
Key Highlights
A bullish OPEC assessment pushed WTI prices higher.
The OPEC predicted that oil consumption will increase by 2.25 & 1.85 mil barrels per day in 2024 as well as 2025, accordingly.
The Houthis will be re-classified as “especially identified worldwide terror group by the U.S. government.
Based on a geopolitical standpoint, an ongoing supply interruption from the Red Sea. Which is preventing gasoline prices from falling significantly further. The assaults on vessels in the Red Sea, which were structured by Houthi militants, have forced several corporations to reroute their supplies. Leading to longer travel times and higher expenses. In reaction to those assaults on ships, the US launched another wave of attacks towards Houthi sites across Yemen on Wed.
On Wed, the Yemeni Houthi militants apparently used a suicide drone to strike a US cargo vessel in the Red Sea. The event erupted after the US declared its plan to re-label the Houthis as “particularly regarded international terror group.” According to the BBC. The fresh classification by America could force American banks to block Houthi money. And supporters of the terrorist group will be barred from accessing the US.
The API revealed a surprise rise in Week US crude Storage to 0.483 mil bbls for the span ended the 12th of January. Against a projected loss of 2.4 mil bbls. The prior data suggested a 5.215 mil barrel reduction in the oil inventory. The EIA plans to publish the crude oil Storage Adjustment data shortly after the North American period. The marketplace expects a fall of 0.313 mil bbls, overturning the prior stockpile number of 1.338 Mil. barrels
WTI Daily Technical Indicators & Signals
| Name | Value | Action |
| RSI(14) | 51.074 | Neutral |
| STOCH(9,6) | 52.152 | Neutral |
| STOCHRSI(14) | 96.523 | Overbought |
| MACD(12,26) | -0.200 | Sell |
| ADX(14) | 22.360 | Sell |
| Williams %R | -36.181 | Buy |
| Name | Value | Action |
| CCI(14) | 92.4123 | Buy |
| ATR(14) | 2.4829 | High Volatility |
| Highs/Lows(14) | 0.0000 | Neutral |
| Ultimate Oscillator | 50.027 | Neutral |
| ROC | 1.556 | Buy |
| Bull/Bear Power(13) | 0.5560 | Buy |
Support and Resistant Levels
S3 = 67.924, S2 = 67.924, S1 = 69.388, R1 = 76.192, R2 = 79.607, and R3 = 94.238.
