Price Movement: WTI Crude trades around $62.70 per barrel, marking a fourth straight session of gains.
Main Bullish Driver: Geopolitical tensions — reports suggest Israel may strike Iran’s nuclear sites, sparking fears of supply disruption from Iran (OPEC’s 3rd largest producer).
Risk of Iran retaliating by blocking the Strait of Hormuz, which could disrupt exports from Saudi Arabia, Kuwait, Iraq, and UAE.
Limiting Factor: Rising U.S. crude supply
API data shows a 2.49 million barrel build in U.S. crude stocks, defying expectations of a draw.
Traders await confirmation from EIA stockpile data later today.
Conclusion:
Bullish momentum is currently driven by Middle East tension, but gains may be capped if U.S. inventory builds continue. Traders should watch for EIA data release and further geopolitical developments.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Main Bullish Driver: Geopolitical tensions — reports suggest Israel may strike Iran’s nuclear sites, sparking fears of supply disruption from Iran (OPEC’s 3rd largest producer).
Risk of Iran retaliating by blocking the Strait of Hormuz, which could disrupt exports from Saudi Arabia, Kuwait, Iraq, and UAE.
Limiting Factor: Rising U.S. crude supply
API data shows a 2.49 million barrel build in U.S. crude stocks, defying expectations of a draw.
Traders await confirmation from EIA stockpile data later today.
Conclusion:
Bullish momentum is currently driven by Middle East tension, but gains may be capped if U.S. inventory builds continue. Traders should watch for EIA data release and further geopolitical developments.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.