US crude WTI stays above $73.50, reflecting a bullish skew on the updated EIA outlook for American oil output.
The WTI US crude oil price integrates following rising over the past two trading days. Remaining about $73.50/ barrel through the Asian trade on Wed. The API Week’s crude oil Inventory increased by 0.674 mil barrels, contrasting to a 2.5 mil barrel fall the week before. Nevertheless, the number was significantly lower compared to the predicted estimate of 2.133 mill bbls for the period ended the 2nd Feb. Offering assistance to the price of crude oil prices. Traders are currently waiting for the US EIA crude oil stocks update on Wed, which will provide more market observations.
WTI Crude Highlights
The WTI prices rose after the EIA anticipated that American oil output will climb by 170K barrel/say in the year 2024. Down from the prior projection of 290K barrels/day.
The API Week’s oil Storage was 0.674 mill barrels, compared to an estimated 2.133 mil.
Gaza has replied to a potential a stop gap peace agreement, which American Secretary Blinken might talk about alongside Israelis today.
The costs of crude oil have risen after the US Energy Information Agency revised its prediction for US crude oil production to rise in 2024. The updated expectation of 170K is lower than bpd prior forecast of 290 K bpd. Showing a brighter future for the price of oil.
Based to the EIA’s Near-Term Energies Forecast (STEO), American crude oil output is expected to climb at 13.21 mil bpd this year. Furthermore, overall use of petroleum in the US is expected to rise to 20.4 mill barrels/day for 2024 with 20.5 mill bpd by the year 2025.
Technical Analysis
Crude oil contracts are now crossing the 50 D- MA at $73.33, following further effective check for support around $72.48 mark.
An ongoing rally above the 50 D- moving average will turn the near-term tendency to upward. Altering the impetus of the current week’s rather lateral trading. Should this trend continue and pulls sufficient buyers on growing number. Watch for a short-term trading towards the 200 D- MA around $76.35 zone.
Source: TradingView
The failure to break above the 50 d-moving average signifies a dearth of bidders or fresh selling tension. Nevertheless, shouldn’t anticipate more to come from a selling except the selloff is sufficient to break through the $72.48 supporting level. Assuming this happens, we may witness an immediate breakout towards $70.00, followed by a mainly limited fluctuations.
Daily – Technical Indicators & Signals
| Name | Value | Action |
| RSI(14) | 48.851 | Neutral |
| STOCH(9,6) | 28.257 | Sell |
| STOCHRSI(14) | 24.529 | Oversold* Caution |
| MACD(12,26) | 0.220 | Buy |
| ADX(14) | 27.951 | Buy |
| Williams %R | -69.924 | Sell |
| Name | Value | Action |
| CCI(14) | -61.6691 | Sell |
| ATR(14) | 2.1886 | Less Volatility |
| Highs/Lows(14) | -0.1450 | Sell |
| Ultimate Oscillator | 43.105 | Sell* Caution – Oversold |
| ROC | -0.405 | Sell |
| Bull/Bear Power(13) | -1.2640 | Sell |
