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Market Mood WTI Crude Oil 09.03.21

Market Mood WTI Crude Oil 09.03.21

Market Mood WTI Crude Oil 09.03.21

in Weekly Forecasts

Will we see oil sellers this week?

Oil prices have been supported higher after last weeks OPEC meeting kept production levels from rising. This has ensured oil has seen some bids. However, US oil has now moved higher into a key overhead resistance level. Furthermore, according to Bloomberg, Chinese storage facilities are nearly full. On top of this, the rising USD is a further headwind for US oil gains.

There is also a strong seasonal pattern for oil prices to fall in the coming days. There has been an annualised fall in oil prices of over 70% if you had sold oil every year between 09 March and 15 March.

There is the potential for more selling this week, so it is one instrument to watch out for.

Trade Risks:

  • Any drop lower in US CPI data on Thursday will weaken the USD and provide relief for oil.
  • Any surprise draw in inventory levels for oil will support prices.
  • Any strong risk on tones will also support oil.

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Disclaimer: Any opinions made may be personal to the author and may not reflect the opinions of HYCM. All expressions of opinion are subject to change without notice. This material is considered a marketing communication and does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. HYCM makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by an employee of HYCM, a third party or otherwise. Past performance is not an indication of possible future performance. Without the approval of HYCM, reproduction or redistribution of this information isn’t permitted.

Legal Information: HYCM is the trading name of Henyep Capital Markets (UK) Limited, HYCM (Europe) Ltd, HYCM Limited and Henyep Capital Markets (DIFC) Limited for which the Henyep Capital Markets group is holding company and its assets are a controlling equity interest in them.

* Cryptocurrencies are not available for trading under HYCM (Europe) Limited and Henyep Capital Markets (UK) Limited (retail clients only).

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