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Range Trading As Various Forces Offset Each Other, Thin Asian Trading

OIL

Oil has been trading in a very narrow range today of less than 50c, as liquidity in the market remains thin due to the Lunar New Year holidays. It is off of yesterday’s highs but is holding onto most of its recent gains. WTI is currently trading around $81.67/bbl after an intraday high of $81.88 and Brent is $88.15 after $88.36.

  • While WTI is holding above $81/bbl, it needs to clear $82.66, the January 18 high, for the bullish trend to resume and open up $83.14, the December 1 high. Brent has been supported by concerns regarding the supply of Russian crude, which has increased its spread to WTI. The next level to watch for Brent is $89.18.
  • Concerns over US recession risk continue to tussle with optimism regarding demand from China.
  • Later the US preliminary PMIs and the Richmond Fed manufacturing index for January are released. US API inventory data also prints, the last two weeks have posted strong builds. PMIs are also on the calendar for Europe.
Energy BulletsCommodities
Energy BulletsCommodities

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