Market Analytics and Considerations
Key Notes
Crude Oil
The greatest traded commodity in the energy industry is crude oil, which provides accessibility to world markets. Despite trading beyond $81 just earlier, period futures are still suffering with the contract price currently hovering around $73.
At $72.94, the contract is currently selling underneath the $73 mark. That has decreased by almost $4 today.
Yesterday, the value hit a high of $81.44 until beginning a decline. Over eight dollars, or -10%, have been lost since the peak in much less than a day.
Expectations that the US’s severe weather during the holiday season kept vehicles off the road and left behind significant inventories helped explain the reductions.
Another issue is the decline in global growth.
Technically, the value seems to have been able to remain underneath the 100-day moving average from July 5, 2022, with the exception of 2 trading days (November 4 and November 7).
The swing points of $72.76 & $73.31 are being challenged by the price right now. Traders would turn their attention to the December low points as the next important targeted region if the price fell underneath the $72.76 mark.
On the other hand, if traders leaned against the temporary support level while holding the flip region from the graph, we might witness a comeback upward.
