The Baker Hughes total rig count data decreases by 1 as the rate of change falls


  • U.S. oil rigs fell for the 15th straight week but only by 1 to 188, while gas rigs remained flat at 75.
  • WTI trades 1.67% lower on the session on Friday as the coronavirus headlines continue to worry investors.

The latest Baker Hughes rig count data fell by one on Friday and the Canadian rigs fell by 4 to 13. Over the year this represents a massive fall of 702 but although this is another decline the rate of change is starting to slow. This could mean there is some stabilisation at close to current levels and at the USD 40 per barrel mark.

WTI 1-hour chart

On the hourly chart below, the price has bounced slightly higher since the news was released. The market could have been expecting a worse result as since the 29th May the number of working rigs declined from 301 to where it remains today.

Recently, the price has pulled away from the psychological USD 40 per barrel level. The market hit a high of USD 41.64 per barrel on 23rd June and it seems this could be the retracement after a long rally on the higher timeframes. 

Much will depend on how the economies in the world plan to reopen or if they need to lockdown again due to a second COVID-19 wave. Time will tell but it seems rigs are more content with the USD 40 per barrel area and I am sure many oil firms are hoping there is some more price stability too.

Oil Technical Analysis WTI

Additional levels

WTI

Overview
Today last price 38.45
Today Daily Change -0.63
Today Daily Change % -1.61
Today daily open 39.08
 
Trends
Daily SMA20 38.05
Daily SMA50 30.51
Daily SMA100 34.06
Daily SMA200 45.55
 
Levels
Previous Daily High 39.27
Previous Daily Low 37.18
Previous Weekly High 40.6
Previous Weekly Low 34.64
Previous Monthly High 35.92
Previous Monthly Low 19.61
Daily Fibonacci 38.2% 38.47
Daily Fibonacci 61.8% 37.98
Daily Pivot Point S1 37.75
Daily Pivot Point S2 36.42
Daily Pivot Point S3 35.66
Daily Pivot Point R1 39.84
Daily Pivot Point R2 40.6
Daily Pivot Point R3 41.93

 

 

Share: Feed news

All information and content on this website, from this website or from FX daily ltd. should be viewed as educational only. Although the author, FX daily ltd. and its contributors believe the information and contents to be accurate, we neither guarantee their accuracy nor assume any liability for errors. The concepts and methods introduced should be used to stimulate intelligent trading decisions. Any mention of profits should be considered hypothetical and may not reflect slippage, liquidity and fees in live trading. Unless otherwise stated, all illustrations are made with the benefit of hindsight. There is risk of loss as well as profit in trading. It should not be presumed that the methods presented on this website or from material obtained from this website in any manner will be profitable or that they will not result in losses. Past performance is not a guarantee of future results. It is the responsibility of each trader to determine their own financial suitability. FX daily ltd. cannot be held responsible for any direct or indirect loss incurred by applying any of the information obtained here. Futures, forex, equities and options trading contains substantial risk, is not for every trader, and only risk capital should be used. Any form of trading, including forex, options, hedging and spreads, contains risk. Past performance is not indicative of future FX daily ltd. are not Registered Financial Investment Advisors, securities brokers-dealers or brokers of the U.S. Securities and Exchange Commission or with any state securities regulatory authority OR UK FCA. We recommend consulting with a registered investment advisor, broker-dealer, and/or financial advisor. If you choose to invest, with or without seeking advice, then any consequences resulting from your investments are your sole responsibility FX daily ltd. does not assume responsibility for any profits or losses in any stocks, options, futures or trading strategy mentioned on the website, newsletter, online trading room or trading classes. All information should be taken as educational purposes only.

Recommended content


Recommended content

Editors’ Picks

USD/JPY trades below two-week top set on Thursday; looks to BoJ for fresh impetus

USD/JPY trades below two-week top set on Thursday; looks to BoJ for fresh impetus

USD/JPY trades with a positive bias below the 143.00 mark as traders await the BoJ policy update before placing fresh directional bets. In the meantime, data published this Friday showed that Japan's Core CPI rose to a 10-month high in August and reaffirmed bets that the BoJ will hike interest rates again in 2024. 

USD/JPY News
AUD/USD strengthens above 0.6800 on RBA-Fed policy divergence, eyes on PBoC rate decision

AUD/USD strengthens above 0.6800 on RBA-Fed policy divergence, eyes on PBoC rate decision

The AUD/USD pair trades on a stronger note near 0.6810 during the early Asian session on Friday. The uptick of the pair is bolstered by the softer US Dollar amid the prospects of further rate cuts by the US Federal Reserve this year. Later on Friday, the Fed’s Patrick Harker is set to speak.

AUD/USD News
Gold price holds steady near record peak amid bets for more Fed rate cuts

Gold price holds steady near record peak amid bets for more Fed rate cuts

Gold price hovers near the all-time peak touched earlier this week amid a bearish USD and rising bets for more upcoming rate cuts by the Fed. Moreover, concerns about an economic downturn in the US and China further underpin the safe-haven XAU/USD.

Gold News
Bank of Japan set to keep rates on hold after July’s hike shocked markets

Bank of Japan set to keep rates on hold after July’s hike shocked markets

The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session. 

Read more
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD (RUSD) stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors.

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Forex MAJORS

Cryptocurrencies

Signatures