Hello everyone , as we all know the market action discounts everything :) notice how the market is moving in an upper channel with no strong bearish signs and all the indicators (MA,MACD,RSI) telling us that the market is still going through an uptrend , with no breakouts for the trendline we can conclude the movement of the WIT is still going up trading between 67 at the lowest and 78 at the highest, from all the data we gathered we are looking a good buy in point for Daily trading .
Fundamental analysis :
U.S. oil stockpiles fell more than double the amount expected in the latest week, the Energy Information Administration said on Thursday.
Crude inventories fell 5.08 million barrels last week, compared with analysts' expectations for a draw of 2.443 million barrels.
Distillate stockpiles, which include diesel and heating oil, rose 3.72 million barrels in the week against expectations for a draw of 1.479 million barrels, the EIA data showed.
Refinery crude runs were 358,000 barrels. The weekly refinery utilization rate rose 1.7%, according to the EIA report.
Gasoline inventories rose 1.5 million barrels last week the EIA said, compared with expectations for a draw of 1.479 million barrels.
And while implied demand for gasoline itself was a robust 9.15 million barrels for the week, the refinery utilization rate remained below the key 90% level, which was crucial for this time of year, Krishnan said.
"U.S. crude exports cratered quite a bit too, falling almost one million barrels daily to 2.5 million bpd. So, this a mixed bag for sure."
If you have any questions please ask
Thank you for reading .
Fundamental analysis :
U.S. oil stockpiles fell more than double the amount expected in the latest week, the Energy Information Administration said on Thursday.
Crude inventories fell 5.08 million barrels last week, compared with analysts' expectations for a draw of 2.443 million barrels.
Distillate stockpiles, which include diesel and heating oil, rose 3.72 million barrels in the week against expectations for a draw of 1.479 million barrels, the EIA data showed.
Refinery crude runs were 358,000 barrels. The weekly refinery utilization rate rose 1.7%, according to the EIA report.
Gasoline inventories rose 1.5 million barrels last week the EIA said, compared with expectations for a draw of 1.479 million barrels.
And while implied demand for gasoline itself was a robust 9.15 million barrels for the week, the refinery utilization rate remained below the key 90% level, which was crucial for this time of year, Krishnan said.
"U.S. crude exports cratered quite a bit too, falling almost one million barrels daily to 2.5 million bpd. So, this a mixed bag for sure."
If you have any questions please ask
Thank you for reading .