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Crude Oil Prices Remain Quiet Ahead of Inventory Data

Crude Oil Prices Remain Quiet Ahead of Inventory Data

2017-06-06 18:08:00
Walker England, Forex Trading Instructor
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Talking Points:

Crude oil prices are consolidating for Tuesday by failing to breakout to a significant new high or low intraday. This consolidation has come despite prices originally trading lower on fears that OPEC output cuts may again be put into question. Now traders are looking towards Wednesday’s U.S Crude Oil Inventories data to provide the market further direction. Expectations for tomorrow's report by the U.S Energy Information Administration (EIA) are expected to reveal that U.S. commercial crude inventories have been decreased by a total of 3.50 million barrels. As the market is still reflecting an oil glut, crude oil prices may potentially become volatile during this data release.

Crude oil prices are technically consolidating in an inside bar pattern. Despite today’s late day rally, the commodity has failed to breakout above yesterday’s high or low. For reference, Monday’s daily high is found at $48.50 and may now be considered as a value of resistance. Alternatively, Mondays low at $46.97 may be considered as a value of support. Traders should continue to monitor these values going into tomorrow’s news event. In the event of a bullish breakout, traders may begin to target a move back towards $50.00 a barrel. A bearish breakout however, may allow traders to target the standing 2017 yearly low at $43.97.

What’s next for crude oil and commodities markets? Read our price forecast here.

Crude Oil Price Daily Chart & Inside Bar

Crude Oil Prices Remain Quiet Ahead of Inventory Data

(Created Using IG Charts)

Why and how do we use IG Client Sentiment in trading? See our guide.

Traders tracking sentiment should note that IG Client Sentiment currently remains net-long. With a reading of +2.66, this suggests that 72.7% of traders are currently long the market. Typically sentiment is considered a contrarian market indicator, which suggests that crude oil prices may continue to trade lower. In the event of a bearish breakout below $46.97, it would be expected to see sentiment totals remain at their negative extremes. If the market breaks higher however, traders may look for sentiment values to neutralize from their current net-long extremes.

Crude Oil Prices Remain Quiet Ahead of Inventory Data

--- Written by Walker, Analyst for DailyFX.com

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