Trade view /
03 August 2016 at 12:21 GMT
prices are having a struggle down near April lows in European trading on Wednesday and so are still trapped in bear market territory. The investment community is looking ahead for fresh weekly information on US stockpiles of crude and refined products.
The US Energy Information Administration (EIA) will release its weekly report on oil supplies at 15:30 BST or 10:30AM ET Wednesday with expectations for a drop of 1.4 Million barrels. Gasoline inventories are expected to decline by 200,000 barrels while stocks of distillates, which include heating oil and diesel, are forecast to fall by 482,000 barrels.
After markets closed on Tuesday, the American Petroleum Institute (API) said that US oil inventories fell by 1.3 Million barrels in the week ended July 29. It also showed a decline of 450,000 barrels in gasoline stocks. For distillate inventories including diesel, API reported an increase of 539,000 barrels.
Source: www.investing.com Spotlight Ideas
The chart above shows that spot broke beneath the 50 day moving average (dma) on July 5 and has now broken under the 200 dma and is testing he level that was last seen on August 26 2015.
The technical picture is mixed as measures from one minute to one hour suggest that WTI
is a “Strong Buy”. However, longer measures from five hours to one month are the polar opposite as a “Strong Sell”.
I am looking to sell WTI ahead of the data on a short-term play.
WTI 10-Year Chart:
Management and risk:
Parameters: WTI September 2016 (CLU6) USD / Barrel
Entry: Sell 39.88 13:04 BST
Targets: 38.33 ... 35.06 ... 34.00
Time horizon: Short-Term
— Edited by Clemens Bomsdorf
Non-independent investment research disclaimer applies. Read more