tradingkey.logo

WTI steadies above $80 ahead of inventories report, US Inflation data

FXStreetJun 26, 2024 11:37 AM

  • The Oil price exhibits a sideways move ahead of US oil inventory data.
  • US EIA is expected to show a drawdown in oil inventories for the second straight week.
  • Investors await the US core PCE inflation for fresh guidance on interest rates.

West Texas Intermediate (WTI) futures on NYMEX trade close to an eight-week high near $82.00 in Wednesday’s European session. The Oil price has remained bullish for almost three weeks on hopes of strong demand due to severe heatwaves in the Northern Hemisphere amid the summer vacation season. The summer season prompts energy demand, which is favorable for the Oil price.


Apart from the improved demand, oil supply disruptions due to Middle East tensions and the Russia-Ukraine war have also kept the Oil price buoyant. Reuters reported, “The Houthis have so far sunk two vessels and seized another, and said on Tuesday they used a missile to hit a vessel in the Arabian Sea.”


In Wednesday’s session, investors will focus on the United States (US) Energy Information Administration (EIA) crude Oil inventories data for the week ending June 21. The report is expected to show that there was a drawdown in Oil stockpiles by three million barrels.


For the broader demand outlook, investors await the US core Personal Consumption Expenditure price index (PCE) data for May, which will be published on Friday. Annually, the underlying inflation data is estimated to have softened to 2.6% from the prior release of 2.8%, with monthly figures growing at a slower pace of 0.1% from 0.2% in April.


Soft inflation numbers would boost expectations of early rate cuts by the Federal Reserve (Fed). This would eventually improve the Oil price’s appeal as lower interest rates prompt liquidity into the economy.


WTI US OIL

Overview

Today last price

81.15

Today Daily Change

0.61

Today Daily Change %

0.76

Today daily open

80.54

 

Trends

Daily SMA20

77.98

Daily SMA50

79.07

Daily SMA100

79.64

Daily SMA200

78.9

 

Levels

Previous Daily High

81.65

Previous Daily Low

80.35

Previous Weekly High

81.62

Previous Weekly Low

77.56

Previous Monthly High

81.25

Previous Monthly Low

76.04

Daily Fibonacci 38.2%

80.84

Daily Fibonacci 61.8%

81.15

Daily Pivot Point S1

80.04

Daily Pivot Point S2

79.54

Daily Pivot Point S3

78.74

Daily Pivot Point R1

81.35

Daily Pivot Point R2

82.15

Daily Pivot Point R3

82.66
Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

Related Instruments

Recommended Articles

tradingkey.logo
tradingkey.logo
Intraday Data provided by Refinitiv and subject to terms of use. Historical and current end-of-day data provided by Refinitiv. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.
* References, analysis, and trading strategies are provided by the third-party provider, Trading Central, and the point of view is based on the independent assessment and judgement of the analyst, without considering the investment objectives and financial situation of the investors.
Risk Warning: Our Website and Mobile App provides only general information on certain investment products. Finsights does not provide, and the provision of such information must not be construed as Finsights providing, financial advice or recommendation for any investment product.
Investment products are subject to significant investment risks, including the possible loss of the principal amount invested and may not be suitable for everyone. Past performance of investment products is not indicative of their future performance.
Finsights may allow third party advertisers or affiliates to place or deliver advertisements on our Website or Mobile App or any part thereof and may be compensated by them based on your interaction with the advertisements.
© Copyright: FINSIGHTS MEDIA PTE. LTD. All Rights Reserved.