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U.S. Crude Could Break $90 as OPEC, Weekly Stocks and Dollar Weigh

By Barani Krishnan AiVIF.com -- U.S. crude’s long-held support of $90 may be the next to crack. The front-month for U.S. West Texas Intermediate, or WTI, crude hit a six-month...
U.S. Crude Could Break $90 as OPEC, Weekly Stocks and Dollar Weigh © Reuters.

By Barani Krishnan

AiVIF.com -- U.S. crude’s long-held support of $90 may be the next to crack.

The front-month for U.S. West Texas Intermediate, or WTI, crude hit a six-month bottom, or its lowest since Feb. 24, as it fell to $91.82 a barrel on Wednesday. With just three days into August, the U.S. crude benchmark has lost 6.5%, adding to the back-to-back drop of more than 7% for July and June.

“There’s a consensus building on the market that WTI’s $90 support could snap in the coming days and that $100-$105 could be the new normal of resistance,” said John Kilduff, founding partner at New York energy hedge fund Again Capital.

The last time WTI traded below $90 was on Feb. 21, when it hit an intraday bottom of $89.08. That was just before the Russian invasion of Ukraine on Feb. 24 that upended global commodity supplies and sent WTI to $130 by March 7.

By 12:00 PM ET, WTI’s front-month was at $92.16, down $2.26, or 2.4% on the day.

London-traded Brent, the global benchmark for crude, was also below the key $100 per barrel level, down $2.34, or 2.3%, on the day. 

Wednesday’s slump in crude prices came as oil exporters alliance OPEC+ agreed on a nominal production increase for September, after a hike of 50% from June levels for July and August.

Also weighing on WTI was a surprise jump in U.S. crude stockpiles for last week, with a mammoth 4.5 million barrels being added to inventories — virtually replacing everything that was drawn down a week earlier, according to data from the Energy Information Administration. The market had expected a decline of 630,000 barrels instead.

Gasoline balances also rose last week, by 163,000 barrels against a forecast draw of 1.61 million and the previous week’s decline of 3.3 million.

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16-08-2022 20:57:03 (UTC+7)

EUR/USD

1.0168

+0.0008 (+0.08%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

EUR/USD

1.0168

+0.0008 (+0.08%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

GBP/USD

1.2083

+0.0029 (+0.24%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

USD/JPY

134.57

+1.25 (+0.94%)

Summary

Neutral

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (2)

Sell (6)

AUD/USD

0.7016

-0.0006 (-0.09%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (9)

Sell (1)

USD/CAD

1.2874

-0.0030 (-0.23%)

Summary

↑ Sell

Moving Avg:

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Indicators:

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EUR/JPY

136.84

+1.39 (+1.03%)

Summary

↑ Buy

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EUR/CHF

0.9656

+0.0042 (+0.44%)

Summary

Neutral

Moving Avg:

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Indicators:

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Gold Futures

1,789.60

-8.50 (-0.47%)

Summary

↑ Sell

Moving Avg:

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Sell (9)

Silver Futures

20.067

-0.205 (-1.01%)

Summary

Sell

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Copper Futures

3.6330

+0.0155 (+0.43%)

Summary

Buy

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Crude Oil WTI Futures

89.75

+0.34 (+0.38%)

Summary

↑ Buy

Moving Avg:

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Brent Oil Futures

95.22

+0.12 (+0.13%)

Summary

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Natural Gas Futures

9.225

+0.497 (+5.69%)

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US Coffee C Futures

222.45

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Euro Stoxx 50

3,791.35

+1.73 (+0.05%)

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↑ Sell

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Sell (10)

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S&P 500

4,290.53

-6.61 (-0.15%)

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↑ Sell

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DAX

13,841.22

+24.61 (+0.18%)

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FTSE 100

7,549.11

+39.96 (+0.53%)

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19,830.52

-210.34 (-1.05%)

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US Small Cap 2000

2,008.75

-11.65 (-0.58%)

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Neutral

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IBEX 35

8,503.46

+76.46 (+0.91%)

Summary

↑ Buy

Moving Avg:

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BASF SE NA O.N.

44.163

+0.103 (+0.23%)

Summary

↑ Sell

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Bayer AG NA

53.96

+0.40 (+0.75%)

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Allianz SE VNA O.N.

179.43

+0.65 (+0.36%)

Summary

↑ Sell

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Adidas AG

170.29

-2.65 (-1.53%)

Summary

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Deutsche Lufthansa AG

6.693

-0.041 (-0.61%)

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Siemens AG Class N

111.42

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Deutsche Bank AG

8.992

+0.050 (+0.56%)

Summary

↑ Sell

Moving Avg:

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Indicators:

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 EUR/USD1.0168↑ Buy
 GBP/USD1.2083↑ Buy
 USD/JPY134.57Neutral
 AUD/USD0.7016↑ Buy
 USD/CAD1.2874↑ Sell
 EUR/JPY136.84↑ Buy
 EUR/CHF0.9656Neutral
 Gold1,789.60↑ Sell
 Silver20.067Sell
 Copper3.6330Buy
 Crude Oil WTI89.75↑ Buy
 Brent Oil95.22↑ Buy
 Natural Gas9.225↑ Buy
 US Coffee C222.45↑ Sell
 Euro Stoxx 503,791.35↑ Sell
 S&P 5004,290.53↑ Sell
 DAX13,841.22↑ Sell
 FTSE 1007,549.11↑ Buy
 Hang Seng19,830.52↑ Buy
 Small Cap 20002,008.75Neutral
 IBEX 358,503.46↑ Buy
 BASF44.163↑ Sell
 Bayer53.96↑ Sell
 Allianz179.43↑ Sell
 Adidas170.29↑ Sell
 Lufthansa6.693↑ Sell
 Siemens AG111.42↑ Sell
 Deutsche Bank AG8.992↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,580/ 6,680
(-10/ -10) # 1,639
SJC HCM6,600/ 6,700
(-10/ -10) # 1,659
SJC Hanoi6,600/ 6,702
(-10/ -10) # 1,661
SJC Danang6,600/ 6,702
(-10/ -10) # 1,661
SJC Nhatrang6,600/ 6,702
(-10/ -10) # 1,661
SJC Cantho6,600/ 6,702
(-10/ -10) # 1,661
Cập nhật 16-08-2022 20:57:06
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ↀ Giá vàng thế giới
$1,775.10-3.38-0.19%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V25.34025.840
RON 95-III24.66025.150
E5 RON 92-II23.72024.190
DO 0.05S22.90023.350
DO 0,001S-V24.88025.370
Dầu hỏa 2-K23.32023.780
ↂ Giá dầu thô thế giới
WTI$89.35-1.55-1.77%
Brent$94.87-1.91-2.05%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.230,0023.540,00
EUR23.145,5524.441,71
GBP27.456,8428.627,78
JPY171,08181,12
KRW15,4318,80
Cập nhật lúc 18:54:08 16/08/2022
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