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WTI REACHES 2019 HIGH ON TIGHT SUPPLY - Capital Street FX

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    • WTI REACHES 2019 HIGH ON TIGHT SUPPLY
01-Apr
21:03 IST

WTI Crude futures are currently trading at $60.98- higher by 1.43% as compared to the previous closing price. The contract reached a 2019 high of $61.12, earlier in the session.

WTI crude futures rose today after tight supply and positive signs for the global economy drove the benchmark’s largest first-quarter gains in about a decade. U.S. crude oil gained 32% in the January-March period of 2019.

Brent crude futures were trading at $68.48-higher by 1.33% as compared to the previous closing.

The U.S. Commodity Futures Trading Commission said that hedge funds and other money managers increased their net long U.S. crude futures and options positions to 243,209 in the week to March 26.

On the supply front, the U.S. government reported on Friday that domestic output in the world’s top crude producer declined in January to 11.9 million barrels per day.

The U.S. energy services firm Baker Hughes said in its report on Friday that the U.S. energy firms last week decreased the number of rigs looking for new oil to the lowest level in nearly a year, cutting the most rigs during one quarter in three years. The Baker Hughes Oil Rig Count came in at 816 for the week ended 29th March.

Meanwhile, oil prices are being supported by U.S. sanctions on Iran and Venezuela along with supply cuts by the OPEC and other major producers.

According to a Reuters survey, the output from OPEC countries decreased by 0.28 million barrels per day from February to 30.4 million bpd, its lowest monthly rate since 2015.

OPEC is scheduled to meet on June 25-26, to discuss supply policy.

Adding to supply-side data, reports which are published by the API and the EIA every week, the API is scheduled to report U.S. crude supplies for the week ended 29th March on Tuesday. Previously, the API reported that U.S. crude supplies rose by 1.930 million barrels for the week ended March 22. The EIA will report US crude inventories for the week ended March 29 on Wednesday. Previously, the EIA reported that U.S. crude inventories rose by 2.800 million barrels for the week ended March 22.

On the technical front, the RSI is currently at 66.67% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.

Overall Bias is Positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.

 

Trade Suggestion-Limit Buy At 60.90 Take Profit At 61.50 Stop Loss At 60.60

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