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WTI firmer post-EIA, eyes on $38.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Crude oil prices are advancing further today, extending the upside near the $38.00 mark per barrel following the EIA weekly report on inventories.

    WTI upside capped around $38.50

    Prices for the black gold have picked up further pace after the EIA reported that crude oil inventories rose nearly 3.9 million barrels during last week, missing estimates albeit lower than the previous build up. The total US crude inventories rose beyond 520 million barrels during last week, remaining in record levels and keeping alive concerns over the supply glut.

    Further data by the EIA showed gasoline inventories decreased more than forecasted, 4.52 million barrels vs. a drop of nearly 1.4 million barrels estimated.

    Prices for the barrel of West Texas Intermediate are advancing for the fourth consecutive week so far, prolonging the rebound from multi-year lows in the $26.00 neighbourhood posted in February.

    WTI levels to consider

    At the moment the barrel of WTI is up 3.75% at $37.87 facing the next hurdle at $38.39 (2016 high Jan.4) ahead of $43.46 (high Nov.24 2015) and finally 48.36 (high Nov.3 2015). On the other hand, a breach of $35.48 (76.4% Fibo of $38.39-$26.05) would aim for $33.68 (61.8% Fibo of $38.39-$26.05) and then $32.81 (20-day sma).
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