WTI Crude Oil Price Dropped On Weekly Stockpiles Data
MarketPulse | Nov 20, 2019 12:31AM ET
US indices reverse early gains
Wall Street started positively but gave back those gains amid weakness across the retail sector. We had another heavy-handed tweet from US President Trump that China “must” do a trade deal, or suffer higher tariffs. The PBOC is widely expected to drop its Prime Lending Rate today.
US30USD Daily Chart
- The US30 index touched a new record high early yesterday but then posted the biggest one-day decline this month.
- The 55-day moving average has risen to 27,045 while trendline support could be found near the 27,250 level.
- Fed’s Williams (moderate, voter) and Rosengren (hawk, dissenter) both said the economy is in a very good place. The minutes of the last FOMC meeting will be released late tonight (early Thursday, Singapore time).
DE30EUR Daily Chart
- The Germany30 index touched the highest since January yesterday but closed little changed as sentiment soured on Wall Street.
- The 55-day moving average has risen to 12,631. The 23.6% Fibonacci retracement of the rally from October 3 to November 12 is at 12,960.
- Germany’s producer prices probably fell 0.4% y/y in October, according to the latest survey of economists. ECB’s Lane is scheduled to speak late in the day.
WTICOUSD Daily Chart
Get The News You Want
- West Texas Intermediate fell the most since the end of September yesterday as weekly stockpiles data showed a large increase and rumors circulated that Russia is not keen on cutting its production.
- WTI has opened below the 55-day moving average at $55.76 today for the first time since November 1.
- Weekly inventory data from the American Petroleum Institute showed an increase of 5.95 million barrels in reserves, a sharp reversal from last week’s 500,000 barrel drawdown. Data from the Energy Information Administration are due today and are expected to show an increase of 1.06 million barrels following a 2.2 million barrel gain last week.
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