WTI Crude Oil Trading Flat In The Asian Session
$USO, $OIL
WTI Crude Oil prices declined 1.24% Vs the USD for the 24 hr frame ending 23:00GMT, closing at 45.31, after the Energy Information Administration (EIA) reported a strong build-up in US Crude inventories.
Wednesday, the EIA reported that US Crude Oil stocks rose more-than-expected by 8.0-M bbl for the week ended 16 October, marking the 4th week running of increases. Participants expected supplies to increase by 3.9-M bbl.
In the Asian session, at GMT0300, US Crude Oil is trading at 45.47, or 0.35% higher from Wednesday’s close.
WTI Crude Oil is expected to see 1st support at 44.86, a break there could push it to next support at 44.25.
WTI Crude Oil is expected to see 1st resistance at 46.08, a break there could drive it to next resistance at 46.69.
WTI Crude Oil is showing convergence with its 20 Hr MA, and is trading below its 50 Hr MA.
Outlook: Bearish
Crude Oil has fallen this year and US gasoline demand softened. WTI Crude Oil could fall to as low as 10 bbl as the Organization of Petroleum Exporting Countries (OPEC) engages in a “Price War” with rival producers, testing who will cut output 1st.
Iran is soon to release 53-M bbl to the market and will be producing up to 1.5-M BPD in 6 months or so.
Long term technical and fundamental outlook for both Brent and WTI Crude Oil is due South.
OPEC says it will cut production but is not doing that, and are going to see who can stand lower prices longest, since October of 2014 HeffX-LTN sees that Crude Oil is likely is headed for 20 – 22 bbl in the mid term.
Stay tuned…
HeffX-LTN
Paul Ebeling
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