WTI Crude retreats on US inventory build, Asia virus fears - campbellmathe1996
Futures on U.S. West Texas Intermediate Crude Embrocate retreated for a third straight trading day on Th, as an increase in US oil inventories added to demand concerns amid rising new coronavirus infections in parts of Asia, including India where more movement restrictions experience been obligatory.
An official report aside the US Energy Data Administration showed along Wednesday that rough oil inventories had risen by 1.321 trillion barrels during the week ended on English hawthorn 14th, operating theatre at a slower rate compared to what analysts on the average had expected – an increase by 1.623 million barrels.
Meanwhile, United States gasoline inventories dropped by 1.963 million barrels last week, which has been the sharpest fall since early Adjoin. A consensus of analyst estimates had pointed to a much slower drop – away 0.886 million barrels.
"U.S. gasoline demand is holding up well ahead of the driving season," ANZ Inquiry wrote in an investor note.
"U.S. airport footfalls increased to 1.85 million, boding well for achromatic fuel ask," ANZ noted.
Connected the other hand, "India's falling fire demand is likely to worsen in May due to movement restrictions," ANZ said.
India's daily death toll as a result of the pandemic reached a record 4,529, while total habitual COVID-19 cases straightaway exceeded 25.772 million.
As of 9:15 GMT on Thursday WTI Crude Oil Futures were retreating 1.70% to trade at $62.27 per barrelful, while moving inside a daily rove of $62.14-$63.95 per barrel. Yesterday the commodity slipped as low as $61.95, or its weakest price level since April 27th ($61.91 per barrel). WTI Unconditional Oil Futures have retreated 1.81% so far in May, following a 7.47% surge in April.
At the same time, Brent Oil Futures were losing 1.76% on the twenty-four hour period to trade at $65.48 per barrel, while moving inside a daily range of $65.30-$67.16 per cask. Today's low has been Brent Oil's weakest toll level since April 26th ($64.58 per barrel). Brent Oil Futures have retreated 1.68% so far in May, following a 5.74% surge in April.
Daily Pivot Levels (traditional method acting of calculation) – WTI Crude oil Oil Futures
Central Pivot – $63.55
R1 – $65.15
R2 – $66.95
R3 – $68.55
R4 – $70.15
S1 – $61.75
S2 – $60.15
S3 – $58.35
S4 – $56.55
Daily Swivel Levels (long-standing method of calculation) – Brent goos Oil Futures
Central Pivot – $66.80
R1 – $68.29
R2 – $69.92
R3 – $71.41
R4 – $72.89
S1 – $65.17
S2 – $63.68
S3 – $62.05
S4 – $60.41
Author: Miroslav Marinoff, a news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market and the US Stock Market.
Source: https://www.tradingpedia.com/2021/05/20/commodity-market-us-crude-oil-extends-losses-on-us-crude-inventory-build-covid-19-resurgence-in-asia/
Posted by: campbellmathe1996.blogspot.com
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