wave 2 of wave V of wave C of wave Y seems to be finished after retraces 61.8% fibo level of its previous wave 1.
i changed slightly wave count today after the rally happened yesterday made wave 2.
Crude oil prices jumped higher yesterday after hitting a six-month low on a steeper-than-expected drawdown in U.S. crude stocks. Additionally, in a sign of strong demand, gasoline stocks drew 4.6 million barrels, much higher than the expected 1.1 million barrel draw.
More importantly, U.S. crude exports hit 5 million barrels per day, the highest on record, EIA data showed, as WTI has traded at a steep discount to Brent, making purchases of U.S. crude more attractive to foreign buyers.
While strong U.S. exports and domestic gasoline demand are providing a little support, worries over China demand and rising Russia production are capping gains.China’s refining output remained sluggish in July as strict COVID-19 lockdowns and fuel controls curbed production.
Meanwhile, Russia has started to gradually increase oil production after sanctions-related curbs as Asian buyers have increased purchases, leading Moscow to raise its forecasts for output and exports until the end of 2025
i changed slightly wave count today after the rally happened yesterday made wave 2.
Crude oil prices jumped higher yesterday after hitting a six-month low on a steeper-than-expected drawdown in U.S. crude stocks. Additionally, in a sign of strong demand, gasoline stocks drew 4.6 million barrels, much higher than the expected 1.1 million barrel draw.
More importantly, U.S. crude exports hit 5 million barrels per day, the highest on record, EIA data showed, as WTI has traded at a steep discount to Brent, making purchases of U.S. crude more attractive to foreign buyers.
While strong U.S. exports and domestic gasoline demand are providing a little support, worries over China demand and rising Russia production are capping gains.China’s refining output remained sluggish in July as strict COVID-19 lockdowns and fuel controls curbed production.
Meanwhile, Russia has started to gradually increase oil production after sanctions-related curbs as Asian buyers have increased purchases, leading Moscow to raise its forecasts for output and exports until the end of 2025