12.9 WTI Crude Oil Analysis 💙

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News:

1. Supply side is relatively loose

Saudi Arabia reduced the January crude oil price for Asia by 80 cents/barrel, signaling that "demand is below expectations";

Iraq's West Qurna-2 oil field has resumed production (daily output of 460,000 barrels), coupled with OPEC+ maintaining its production increase pace in December, expectations of oversupply are rising.

2. Demand side under pressure

U.S. API gasoline inventory surged by 3.136 million barrels, end-user consumption demand is weak;

Global economic recovery is slowing, and the growth of winter heating oil demand is below expectations.

3. Short-term disturbances

Geopolitical risks (such as the situation in Venezuela) have weakened support for oil prices, and market risk premiums are decreasing;

The Federal Reserve's policy meeting is approaching, and market sentiment is cautious.

Technical analysis:

From the 1-hour cycle observation, crude oil is showing a short-term downward trend, with prices having fallen back to the lower edge of the previous range, the MACD momentum bars are shrinking, and bullish momentum is weakening, with prices testing the support around $58.5.

Operational suggestions

See south near 59.0-59.2 ⬇️

Target 🎯: around 58.3, if broken, look for 57.8.

The content is effective; keep a close eye on the levels and don't hesitate. For those unsure, quickly follow up and feel free to ask Sister Fei at any time.