Crude oil prices shrugged off the US lifting sanctions on some Iranian officials as gold did the same after eye-popping inflation data. What is the technical picture for WTI and XAU/USD?
Crude oil prices are at risk after a surprisingly strong US CPI report. A similar outcome from PPI data ahead may further pressure WTI lower as the Colonial Pipeline restarts.
Crude Oil Price Outlook: OPEC Commentary, EU Summer Travel Ban Lift Eyed
2021-05-04 03:00:00
Daniel Dubrovsky,
Strategist
Crude Oil, WTI, EU Summer Travel, OPEC, Fed - Talking Points:
Traders focused on EU summer travel lift, OPEC commentary
WTI appearing to trade within the confines of a Rising Wedge
Crude oil prices advanced over the past 24 hours, managing to brush aside a deterioration in market sentiment during the Wall Street trading session. The growth-linked commodity can be quite sensitive to the broader underlying fundamental dynamics driving global stock markets. Developments on Monday likely pointed to specific supply and demand factors for energy prices.
Crude Oil Price Outlook: US GDP Eyed Post Dovish Fed, OPEC+ and Indian Covid Surge
2021-04-29 06:00:00
Daniel Dubrovsky,
Strategist
Crude Oil, WTI, EIA, Fed, India, US First Quarter GDP - Talking Points:
Crude oil prices pushed higher, trimmed gains after EIA report
Dovish Fed may boost gains ahead of key first-quarter US GDP
WTI prices may be aiming to revisit March peak, but path bumpy
Crude oil prices aimed higher over the past 24 hours, developing most of the push during Wednesday’s European trading hours. Prices then trimmed some upside progress after EIA inventory data showed oil stockpiles rising by 90k barrels. Economists were estimating a -60k drawdown instead.
Crude Oil Price Outlook: Aiming for February Peak Ahead of US Retail Sales
2021-04-15 06:00:00
Daniel Dubrovsky,
Strategist
Crude Oil, EIA Inventory Report, US Retail Sales and Industrial Production - Talking Points:
WTI could be setting up to revisit February peaks ahead
Crude oil prices rose to the highest in almost a month despite a fairly late ‘risk-off’ tilt during Wednesday’s Wall Street trading session. The growth-linked commodity often tracks global equity markets. On Wall Street, the S&P 500 and tech-heavy Nasdaq Composite declined 0.41% and 0.99% respectively.
The divergence between oil and stocks likely occurred due to strong fundamental tailwinds. EIA inventory data showed that US oil stockpiles shrank by 5.89 million barrels last week. Not only was this the most in about 2 months, but it significantly overshot the -2.7m estimate. Energy shares outperformed on Wall Street.