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WTI: Bears continue to guard $ 52 amid record high US output

  • Weighed negatively by risk-aversion, record high US production.
  • Focus on US-China trade talks and US rigs count data for further direction. 

WTI (oil futures on NYMEX) is seen trading around a flat-line so far this Thursday, with risks tilted to the downside, as markets continue to weigh in the record high US output levels.

The latest EIA data released on Wednesday showed that the US crude oil production reached a record 11.9 million bpd in the week ending January 11th, which re-ignited supply glut worries. Adding to this, gasoline stocks were at their highest weekly level since February 2017.

Moreover, uncertainty over the US-China trade talks combined with a broadly firmer US dollar amid risk-off market profile collaborate to the downbeat tone seen around the barrel of WTI.

Markets look forward to the developments surrounding the US-China trade talks and the US drilling sector activity report due this Friday for fresh near-term trading opportunities.

WTI Technical Levels

WTI

Overview:
    Today Last Price: 52.27
    Today Daily change: -34 pips
    Today Daily change %: -0.646%
    Today Daily Open: 52.61
Trends:
    Previous Daily SMA20: 48.55
    Previous Daily SMA50: 51.02
    Previous Daily SMA100: 60.02
    Previous Daily SMA200: 64.3
Levels:
    Previous Daily High: 52.8
    Previous Daily Low: 51.56
    Previous Weekly High: 53.57
    Previous Weekly Low: 48.33
    Previous Monthly High: 54.68
    Previous Monthly Low: 42.45
    Previous Daily Fibonacci 38.2%: 52.33
    Previous Daily Fibonacci 61.8%: 52.03
    Previous Daily Pivot Point S1: 51.85
    Previous Daily Pivot Point S2: 51.08
    Previous Daily Pivot Point S3: 50.61
    Previous Daily Pivot Point R1: 53.09
    Previous Daily Pivot Point R2: 53.56
    Previous Daily Pivot Point R3: 54.33

 

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