Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Commodities

Crude Oil rises on Wednesday as energies shrug off another inventories surge

Source Fxstreet

WTI climbed back towards $78.00 per barrel on Wednesday.
API US barrel counts lurched higher once more.
Geopolitical concerns and hopes of refinery expansion keep barrel bids high.

West Texas Intermediate (WTI) US Crude Oil rebounded on Wednesday as barrel traders continue to price in possible supply lane constraints amidst geopolitical turmoil in the Middle East. Hopes of expanded US refinery activity eating away at a buildup of US Crude Oil supplies are also keeping barrel prices higher, but a growing overhang of US barrel counts is getting harder for energy markets to ignore.

According to the American Petroleum Insitute (API), US Crude Oil supply stocks unexpectedly rose once again for the week ended February 16, with an additional 7.168 million barrels added to US supply. This comes well above the forecast 4.298 million barrels and adds even further to the previous week’s surprise glut of 8.52 million barrels.

According to API barrel counts, US Crude Oil supplies are up an excess of nearly 18 million barrels since the week ended November 2.

US Crude Oil refineries have been slowly coming back online since overall refined petroleum product output declined in 2022 as several refineries went offline for overhauls, upgrades, or security concerns. Barrel traders are betting on an uptick in US refining capacity to eat away at record Crude Oil production within the US and other countries that are not part of the Organization of the Petroleum Exporting Countries (OPEC).

WTI technical outlook

WTI US Crude Oil climbed over 2% bottom-to-top from Wednesday’s low bids near $76.25, and WTI is climbing towards $78.00 per barrel as energy markets pin back into near-term highs.

Daily candlesticks show US Crude Oil in a notably sideways bent as bids knock into the 200-day Simple Moving Average (SMA) near $77.55. WTI has failed to pierce into fresh high ground since peaking at $79.20 in January, and Crude Oil longs are struggling to drag WTI further into bull country after barrel prices bottomed out in December at $67.97.

WTI peaked just shy of $94.00 per barrel last September, and remains down over 17% from that high.

WTI hourly chart

WTI daily chart

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Bitcoin falls below $75,000 as the CLARITY Act fails in the Senate — what the vote means for crypto The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Author Suzie

Sep 16, Wed

The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks in The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Author Irene Q.

Sep 17, Thu

The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Gold rebounds to near $4,350 on weaker US Dollar, falling oil prices Gold price (XAU/USD) rises to near $4,345 during the early Asian session on Friday. The precious metal rebounds from a six-week low amid falling oil prices and a weaker US Dollar (USD). Traders continue to assess the latest Federal Reserve (Fed) rate hike and policy cues.

Author FXStreet

Sep 18, Fri

Gold price (XAU/USD) rises to near $4,345 during the early Asian session on Friday. The precious metal rebounds from a six-week low amid falling oil prices and a weaker US Dollar (USD). Traders continue to assess the latest Federal Reserve (Fed) rate hike and policy cues.

Gold ends three-week slide at the $4,400 line — eight straight days of ETF inflows vs a 5% 10-year and a 100 dollar Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Author Suzie

20 hours ago

Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Bitcoin squeezes back above $80,000 — 110,000 traders liquidated as the hawkish Fed and CLARITY setback fail to hold it down; is $83,000 next?Bitcoin closed above $80,000 on Friday for the first time since September 7, and pushed to $81,299 over the weekend, triggering about $603 million of liquidations — $523 million of them shorts — across more than 110,000 traders. With the Fed's hike already priced and the SEC and CFTC advancing crypto rules after the CLARITY Act failed, here is what stands between BTC and the $83,000 gate.

Author Suzie

20 hours ago

Bitcoin closed above $80,000 on Friday for the first time since September 7, and pushed to $81,299 over the weekend, triggering about $603 million of liquidations — $523 million of them shorts — across more than 110,000 traders. With the Fed's hike already priced and the SEC and CFTC advancing crypto rules after the CLARITY Act failed, here is what stands between BTC and the $83,000 gate.

Related Instrument