Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 72.26 with take profit at 72.47
Bearish Preference:
Sell position is envisaged if price trades below 71.47 with take profit at 71.26.
Fundamentals:
3:30PM USD Natural Gas Storage
Comment: Oil prices fell on Thursday as inventory data in the United States, the world’s top oil consumer, showed a surge in gasoline stocks that indicated weaker-than-expected fuel demand at the start of summer, the country’s peak season for motoring. Oil stockpiles that include the Strategic Petroleum Reserve (SPR) fell for the 11th straight week as refiners ramped up output, but fuel inventories grew sharply due to weak consumer demand, the Energy Information Administration (EIA) said on Wednesday.
Analysis: SCRUM Team