API helped the biggest-ever quarterly lose!

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Crude Oil analysis – 1 April 2020

By: Ahura Chalki

Oil price continued to decline on the last day of Q1, after a bigger than expected rise in the inventory weekly reports by American companies. API report shows a 10.485M barrel raising in the inventory levels of US crude oil, gasoline and distillates stocks, comparing -1.250M of the previous week.

Asian season started with the positive movement for WTI, as Chinese manufacturing PMI published above forecast gives some hope on the full recovery possibility of Chinese manufacturing and industries. However, it did not take long, as the fear shadow comes bigger in Asia and the US, by growing the numbers of dead and new cases of coronavirus infected.

For today EIA reports will be important while manufacturing reports from the EU and the US also will be watched closely. Positive reports can help the market to keep the current prices, and weaker than expected numbers will send the prices, lower.

WTI technical analysis:

Technically, as it is clear in the provided picture, candles recovered above the trend line, however, still, $25 is the key resistance and trading under this level, helps the bears to control the market

Pivot point: 22.27

Resistance levels: 22.74 / 24.08

Support levels: 20.94 / 20.47

Today, the expected trading range is between 20.47 support and 24.08 resistance.


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