WTI : Sensitive to macroeconomic indicators
The rise of prices resulting from the paralysis of Saudi production, hit in its heart by an attack of drones claimed by the insurgents, was only of short duration. Aramco’s teams quickly returned to a standardized level of crude oil production, imputed at 6% worldwide. In other words, the increase in oil prices has been only been fully and completely retraced in ten sessions.
While the geopolitical situation in the Middle East remains tense, it seems clear that it is still linked to the concerns related to world crude oil demand. Macroeconomic indicators on both sides of the Atlantic are falling, reflecting the image of the ISM Manufacturing Index which emerged at 47.8, indicating a contraction in industrial activity. Pessimism therefore prevails in the short term and operators seem insensitive to the decline in OPEC production, which has fallen to an eight-year low
Technically, on a daily basis, prices return to test the major support located in the 53 USD zone. This will have to mobilize buyers or risk assisting a further decline towards the next relevant levels, initially USD 50 and USD 45 per extension.
Disclaimer: The information, charts, data, views, or comments provided by SURPERFORMANCE SAS are intended for investors who have the necessary knowledge and experience to understand and appreciate the information contained within. These items are disseminated for personal reference only. They do not constitute an offer or solicitation to buy or sell financial products or services, nor an investment advice.
The use of the information disseminated takes place under the investor's sole responsibility, without recourse against SURPERFORMANCE SAS. SURPERFORMANCE SAS will not be liable, whether in contract, in tort, under any warranty, for errors, omissions, improper investments, or adverse evolution of markets.