WTI Crude Oil: inventory stats push prices up
Current trend
Today, during the Asian session, WTI Crude Oil shows ambiguous dynamics, consolidating near the level of 114.00. Yesterday, the instrument showed active growth, reacting to the blocking of supplies by Russia through the Kazakh oil pipeline, as well as a sharp reduction in energy stocks in warehouses in the United States. The Russian Federation announced damage to a pipeline to Kazakhstan due to a hurricane and closed the export terminal of the Caspian Pipeline Consortium in the Black Sea.
Statistics on stocks of oil and petroleum products from the US Department of Energy showed a decrease in inventories of 2.508M barrels after rising by 4.345M barrels in the previous period, although analysts had expected poor growth to remain at 0.114M barrels. Inventories of gasoline fell by 2.9M barrels, which exceeded the market's preliminary estimate of a reduction of 2.0M barrels.
The growth of the asset is facilitated by expectations of further restrictions on the supply of Russian energy to the EU countries. On March 24–25, an emergency summit of the leaders of the region's countries will be held in Brussels, and US President Joe Biden will take part in it. It is expected that the American leader will try to put pressure on Europe to impose an embargo on energy supplies from Russia. However, skeptics note that a complete ban is unlikely since the energy sector of the EU is highly dependent on current gas and oil supplies, but some new restrictive measures are likely to appear.
Support and resistance
On the daily chart, Bollinger bands slightly decline: the price range narrows, reflecting the emergence of ambiguous trading dynamics in the short/medium term. The MACD indicator grows, keeping a strong buy signal (the histogram is above the signal line). Stochastic approached its highs and reverses into a downward plane, indicating the risks of a corrective decline in the nearest time intervals.
Resistance levels: 115.79, 118.00, 121.00, 126.34.
Support levels: 110.00, 107.67, 105.00, 103.00.
Today, during the Asian session, WTI Crude Oil shows ambiguous dynamics, consolidating near the level of 114.00. Yesterday, the instrument showed active growth, reacting to the blocking of supplies by Russia through the Kazakh oil pipeline, as well as a sharp reduction in energy stocks in warehouses in the United States. The Russian Federation announced damage to a pipeline to Kazakhstan due to a hurricane and closed the export terminal of the Caspian Pipeline Consortium in the Black Sea.
Statistics on stocks of oil and petroleum products from the US Department of Energy showed a decrease in inventories of 2.508M barrels after rising by 4.345M barrels in the previous period, although analysts had expected poor growth to remain at 0.114M barrels. Inventories of gasoline fell by 2.9M barrels, which exceeded the market's preliminary estimate of a reduction of 2.0M barrels.
The growth of the asset is facilitated by expectations of further restrictions on the supply of Russian energy to the EU countries. On March 24–25, an emergency summit of the leaders of the region's countries will be held in Brussels, and US President Joe Biden will take part in it. It is expected that the American leader will try to put pressure on Europe to impose an embargo on energy supplies from Russia. However, skeptics note that a complete ban is unlikely since the energy sector of the EU is highly dependent on current gas and oil supplies, but some new restrictive measures are likely to appear.
Support and resistance
On the daily chart, Bollinger bands slightly decline: the price range narrows, reflecting the emergence of ambiguous trading dynamics in the short/medium term. The MACD indicator grows, keeping a strong buy signal (the histogram is above the signal line). Stochastic approached its highs and reverses into a downward plane, indicating the risks of a corrective decline in the nearest time intervals.
Resistance levels: 115.79, 118.00, 121.00, 126.34.
Support levels: 110.00, 107.67, 105.00, 103.00.
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