How To Make Money Today: WTI CRUDE OIL Daily Market Analysis and Forex Trading Signals 31 March 2022
To assist you to make a good day-trading selection, we’ll cover the newest forex market analysis. Make more money today with our market analysis. You must know how to trade first and have at least a simple understanding of chart patterns. Aside from that, we’ll cover some basic tips and methods that can aid anybody curious in day trading strategies. So let’s start by looking at some charts from today…
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OIL:
On the H4, with price expected to bounce off the support of the ichimoku cloud, we have a bias that price will rise to our 1st resistance at 113.70 in line with the 38.2% Fibonacci retracement from our 1st support at 98.14 in line with the horizontal swing low support and 61.8% Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 123.24 in line with the 61.8% Fibonacci retracement.
Areas of consideration:
- H4 time frame, 1st resistance of 113.70
- H4 time frame, 1st support of 98.14
Futures on Crude Oil: Potential for Additional Gains
On Wednesday, traders added roughly 11K contracts to their open interest holdings, according to CME Group’s flash data for crude oil futures markets. Instead, following three straight daily increases, volume fell by roughly 219K contracts.
WTI: Next on the upside comes $115.00
On Wednesday, WTI prices continued to rise in parallel with increased open interest, indicating that the recovery might be sustained in the short future. However, the next goal for the commodity is projected to approach the weekly high above $115.00. (March 24).
The US is considering the greatest ever withdrawal from its emergency oil store, according to reports.
As part of its effort to decrease gasoline costs, the Biden administration is contemplating releasing up to 180 million barrels of oil from the Strategic Petroleum Reserve (SPR) over many months, according to four US officials.
A representative for New Zealand’s energy minister stated in an email on Thursday that the International Energy Agency (IEA) member nations would meet on Friday at 1200 GMT to decide on a collective oil release.
“The amount of the prospective collective release has not been determined,” Megan Woods’ spokeswoman noted. “A total tonnage will be decided at that conference, and nation allocations will follow,” she added.
It’s unclear if the SPR draw in the United States will be part of a larger worldwide coordinated release.
Outside of business hours, the IEA did not reply to a request for comment. According to the White House, President Joe Biden will offer statements on his administration’s activities on Thursday.
The current quantity of US oil released under consideration, which is equal to approximately two days of world demand, would be the third time the US has tapped its strategic reserves in the last six months, and the greatest release in the SPR’s near 50-year existence.
The announcement sent global oil prices down by more than $5 a barrel.
Oil prices have risen since Russia invaded Ukraine in late February, prompting the US and its allies to impose harsh sanctions on Russia, the world’s second-largest oil supplier.
Brent oil, the global benchmark, rose to about $139 per barrel earlier this month, its highest level since 2008, but fell below $108 per barrel in Asian trade on Thursday. [O/R]
Russia is one of the world’s leading oil producers, accounting for around 10% of worldwide output. However, the IEA estimates that sanctions and customer reluctance to acquire Russian oil would remove roughly 3 million barrels per day (bpd) of Russian oil from the market beginning in April.
Russia sells between 4 and 5 million barrels per day.
The announcement comes only days before the Organization of Petroleum Exporting Countries and its Allies (OPEC+), an oil production group that includes Saudi Arabia and Russia, meets to explore easing supply restrictions. The US, the UK, and others have already pressed OPEC+ to increase production swiftly.
When OPEC+ meets on Thursday, though, it is unlikely to deviate from its strategy to steadily increase production.
According to the US Energy Department, the SPR now stores 568.3 million barrels, the lowest level since May 2002.
The International Energy Agency considers the United States to be a net petroleum exporter. However, since production has been sluggish to recover from the COVID-19 epidemic, the country’s position might flip to net importer this year before returning to exporter next year.
It was unclear if the 180 million barrel draw would be made up of swaps from the reserve that would have to be restored by oil firms later, outright sales, or a mix of the two.
The idea to discharge oil was met with silence from the White House.
“The urgent requirement is to plug the gap in the actual economy,” said Howie Lee, an economist at Singapore’s OCBC bank. “Releasing barrels from the SPR would relieve that difficulty, even if it essentially transfers the shortfall from one pocket to the other.”
BIDEN’S POLITICAL RESPONSIBILITY
Biden will speak at 1:30 p.m. ET (1730 GMT) on “his administration’s initiatives to limit the effect of Putin’s price rise on energy costs and cut gas prices at the pump for American households,” according to the White House.
It didn’t provide any extra information.
High gas prices are a political risk for Biden and his Democratic Party as they strive to keep control of Congress in November.
Given that the US is adopting a “masculine attitude against Moscow, pledging harsher sanctions if Russia continues to wage war in Ukraine,” RBC Capital believes the SPR release is being utilized as a weapon to mitigate the effect of these foreign policy choices on US consumers.
Last week, US Energy Secretary Jennifer Granholm said that the US and its IEA partners were contemplating a more coordinated release from storage.
In March, IEA member nations agreed to release nearly 60 million barrels of oil reserves, with 30 million barrels coming from the US Strategic Petroleum Reserve.
According to three individuals familiar with the topic, the Biden administration is contemplating temporarily lifting restrictions on summer sales of higher-ethanol gasoline mixes in order to reduce fuel prices for Americans.
Because ethanol, which is manufactured from maize, is now cheaper than plain gasoline, adding more ethanol to gasoline mixes might possibly lower costs at U.S. gas stations.
The US is considering the greatest ever withdrawal from its emergency oil store, according to sources 26.
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