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Crude Oil Surges Over Disappointing API Report

By FxGrowForexApr 26, 2017 21:03
au.investing.com/analysis/crude-oil-surges-over-disappointing-api-report-200184940
Crude Oil Surges Over Disappointing API Report
By FxGrow   |  Apr 26, 2017 21:03
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Fundamentals

On April 25th 2017, API released a report showing a significant increase 897000 barrels compared to -840000 barrels on previous week sessions, causing crude oil levels to surge +$0.95 after plunging yesterday to 48.86 weekly low. Today, at 5:00 AM GMT, crude levels clocked 49.49 high, still $0.32 below yesterday's 49.81 high. Although API report was positive, expectations were eyed at 1.6M barrels, pushing oil a bit higher. The market will watch closely Wednesday morning to see whether official data from the US Energy Information Administration confirms the API numbers. [EIA/S]

As political turmoil in Venezuela mounts, oil firms including Norwegian major Statoil ASA (OL:STL.OL) and Spain's Repsol SA (MC:REP.MC) have further reduced their already-dwindling ranks of expatriate employees in the country, sources familiar with the situation said. (Reuters).

Russia wants to see more analysis of the global oil market and will wait for OPEC's meeting next month before deciding whether to back an extension to an oil supply reduction deal, Russian Energy Minister Alexander Novak said on Tuesday.

The Organization of the Petroleum Exporting Countries OPEC, along with Russia and other non-OPEC producers, pledged to cut output by 1.8 million barrels per day (bpd) in the first half of 2017.

With global crude inventories stubbornly high, Gulf and other producers have shown increasing desire to prolong the pact to the end of 2017. Russia has yet to state publicly whether it wants cuts to run beyond June. After talks in Doha with Qatari Energy Minister Mohammed al-Sada, Novak told reporters that Russia prefers to wait until an OPEC meeting in May to decide on any extension. OPEC and non-OPEC states meet on May 25. Russia also mentioned previously that it would hold negotiations with OPEC on May 24th.

Currently, OPEC compliance with the supply deal stands at 95%, 1% up from last February estimate of 94% and a record high, according to recent Reuters surveys.

"We are seeing right now a level of compliance with the Vienna agreement reached in December that we are satisfied with," the Qatari minister told reporters after meeting Novak.

Look forward for U.S Inventories today 2:30 PM GMT.

Technical Overview:

Trend: Downward / Sideways

Resistance levels: R1 49.91 , R2 50.59, R3 51.70

Support levels: S1 48.84, S2 48.16, S3 46.99

Comment: The market is bearish with sideways trading. Yesterday's reversal from S1 indicates a fight for dipping forces. A close below S1 allied with congestion and increase selloffs towards S2 level. A penetration for R1 projects further bull waves towards R2. Closing above R2 level alerts for trend reversal and bullish trend is confirmed 100% if market closed above R3 level.

Crude Oil Surges Over Disappointing API Report
 

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Crude Oil Surges Over Disappointing API Report

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