Investorideas.com

Call 800 665 0411 to learn about our services

Search   Follow Investorideas on Twitter   Investorideas is on Facebook   Investorideas is on Youtube   Investorideas is on Pinterest  Investorideas is on stocktwits   Investorideas is on tumblr   Investorideas is on LinkedIn   Investorideas Instagram   Investorideas Telegram   Investorideas Gettr   Investorideas RSS



Share on StockTwits

WTI Crude Oil Is Stuck in a Choppy Trading Environment

 

October 21, 2022 (Investorideas.com Newswire) Oil prices ended the week caught between the headwinds of a tighter global supply and a lacklustre economic outlook eroding consumers' purchasing power.

Macroeconomics

On Thursday, the greenback took off over the value of 150 Japanese yen - a symbolic price mark - for the first time since the 1990s.


A strong dollar reduces foreign investors' purchasing power in other currencies and thus demand. Therefore, the Fed reinforced expectations that the central bank could raise rates aggressively early next month, which should contribute to a significant slowdown in activity and demand. As for inflation, it barely fell in the United States in September over one year, to 8.2% against 8.3% in August.


U.S. Dollar Currency Index (DXY), daily chart

Fundamental Analysis

Crude prices have oscillated between losses and gains this week as concerns over the global economic slowdown clash with caution over tighter supply. The market seems to be receiving mixed signals now, with falling US oil inventories indicating increased demand in the country, while weak economic signals are having an adverse impact (on prices).

U.S. Crude Oil Inventories

On Wednesday, the Energy Information Administration's (EIA) released the weekly change in crude oil stocks, showing a drop of 1.725M barrels, while the forecasted figure predicted 1.380M barrels in excess.

(Source: Investing.com)

Geopolitics

Belarus could take further steps towards direct involvement in the war in Ukraine, As food corridor talks continue between representatives from the United Nations and Russia in order to maintain an agreement on the departure of ships from Ukrainian ports. A "hidden mobilization" would be underway after the announcement of the creation of a joint military group between Russia and Belarus, according to the independent Belarusian newspaper "Nacha Niva". So far, the Belarusian army has not participated in the fighting on Ukrainian territory. Since the beginning of the conflict in Ukraine, Belarus has served as a logistics platform for its Russian ally.

Technical Charts

WTI Crude Oil (CLZ22) Futures (December contract, daily chart)

RBOB Gasoline (RBZ22) Futures (December contract, daily chart)

Brent Crude Oil (BRNZ22) Futures (December contract, daily chart) – Contract for Difference (CFD) UKOIL

That's all, folks, for today. Have a nice weekend!

Like what you've read? Subscribe for our daily newsletter today, and you'll get 7 days of FREE access to our premium daily Oil Trading Alerts as well as our other Alerts. Sign up for the free newsletter today!

Thank you.

Sebastien Bischeri
Oil & Gas Trading Strategist

The information above represents analyses and opinions of Sebastien Bischeri, & Sunshine Profits' associates only. As such, it may prove wrong and be subject to change without notice. At the time of writing, we base our opinions and analyses on facts and data sourced from respective essays and their authors. Although formed on top of careful research and reputably accurate sources, Sebastien Bischeri and his associates cannot guarantee the reported data's accuracy and thoroughness. The opinions published above neither recommend nor offer any securities transaction. Mr. Bischeri is not a Registered Securities Advisor. By reading Sebastien Bischeri's reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Sebastien Bischeri, Sunshine Profits' employees, affiliates as well as their family members may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

More Info:

Investorideas.com Newswire

This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders


Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp






Get more Oil and Gas - news, articles, and stock directories

Buy a energy guest post on Investorideas.com