WTI extends pullback below $84.00 on higher API inventories, EIA data eyed

  • WTI flirts with intraday low, seesaws around seven-year high.
  • Weekly API inventory data came in higher-than-expected, firmer USD also probe oil buyers.
  • EIA data, US Durable Goods Orders will direct short-term moves ahead of US GDP.

WTI crude oil remains pressured around $83.80, down 0.30% on a day during Wednesday’s Asian session. The black gold cheered risk-on mood the previous day before the API stockpile figure joined firmer USD to trigger a pullback.

Weekly Crude Oil Stock data from the American Petroleum Institute (API) rose past 1.65M expected to 2.318M previous readouts for the period ended on October 22. The private inventory numbers were still lower than the previous build of the 3.294M.

In addition to the inventory build, cautious mood ahead of the key US data/events, as well as an absence of major news in Asia, also weigh on the WTI prices. It should be noted, however, that the recently better economics from the US and stronger inflation expectations keep a lid on the energy benchmark.

On Tuesday, the US CB Consumer Confidence unexpectedly recovered in October while figures concerning New Home Sales for September and Richmond Fed Manufacturing Index for the last month also flashed better-than-forecast numbers. Further, the US inflation expectations, as measured by the 10-year breakeven inflation rate per the St. Louis Federal Reserve (FRED) data jumped to the highest levels last seen during May 2006 by the end of Tuesday’s North American session.

Contrasting to the US data and reflation fears, the Wall Street benchmarks tease record tops and the US 10-year Treasury yields stay depressed ahead of the key US advance Q3 GDP.

In addition to the US GDP data, today’s Durable Goods Orders for September, expected -1.1% versus +1.8% prior, as well as the weekly official inventory figures from the Energy Information Administration (EIA), expected 1.65M versus -0.431M prior, will also entertain the oil traders. Furthermore, chatters surrounding geopolitical tension between the US and Iran join the fears of supply outage and increasing energy demand as global economies bounce back from the pandemic-led activity restrictions should be watched carefully for fresh impulse.

Technical analysis

Unless declining back below a five-week-old support line, around $82.70 by the press time, WTI buyers remain hopeful.

Additional important levels

Today last price 83.79
Today Daily Change 0.39
Today Daily Change % 0.47%
Today daily open 83.4
Daily SMA20 79.48
Daily SMA50 73.26
Daily SMA100 72.26
Daily SMA200 66.87
Previous Daily High 84.98
Previous Daily Low 83.07
Previous Weekly High 83.92
Previous Weekly Low 80.61
Previous Monthly High 76.51
Previous Monthly Low 67.02
Daily Fibonacci 38.2% 83.8
Daily Fibonacci 61.8% 84.25
Daily Pivot Point S1 82.65
Daily Pivot Point S2 81.91
Daily Pivot Point S3 80.75
Daily Pivot Point R1 84.56
Daily Pivot Point R2 85.72
Daily Pivot Point R3 86.46



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