{"id":59141,"date":"2023-03-30T16:00:17","date_gmt":"2023-03-30T13:00:17","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=59141"},"modified":"2026-02-09T16:25:25","modified_gmt":"2026-02-09T14:25:25","slug":"wti-on-track-for-second-weekly-gain","status":"publish","type":"post","link":"https:\/\/www.ironfx-id.com\/fr\/wti-on-track-for-second-weekly-gain\/","title":{"rendered":"WTI on track for second weekly gain"},"content":{"rendered":"

Crude<\/strong> prices<\/span><\/a> have been on the rise for the second consecutive week after their sharp, yet brief drop to their lowest levels in over 15 months, primarily supported by a combination of factors such as strengthening trading ties of Saudi Arabia<\/strong> et China<\/strong>, and the dispute<\/strong> between Turkey<\/strong> et Kurdish<\/strong> authorities<\/strong> that halted exports of around 400,000 barrels from a port<\/strong> in Turkey<\/strong>. What has put a ceiling on top of oil<\/strong> prices over the last week has been the disappointing announcement from the US administration that replenishing the depleted SPR inventories<\/strong> would take years to complete alongside Russia\u2019s production shortcomings<\/strong> in terms of output since the start of March. In this report we aim to shed light on the catalysts driving WTI\u2019s price, assess its future outlook and conclude with a technical analysis.<\/p>\n\n\n\n

US Department of Energy cites problems at restocking SPR inventories<\/strong><\/a><\/strong><\/h2>\n\n\n\n

Late last week, the US Energy Secretary<\/strong> Granholm announced that the US Energy Department<\/strong> would stave off crude<\/strong> purchases<\/strong> aimed at replenishing the Strategic Petroleum Reserves<\/strong> of the country and cited that the replenishing process would take years to complete. Biden<\/strong> administration officials have stated early January, that the US will replenish its crude stocks<\/strong> once WTI\u2019s<\/strong> price<\/strong> edges closer to their $72 to $67 per barrel range and that a calculated purchasing phase would take place, once the pricing conditions are at or below the favorable range. The US tapped its Strategic Petroleum Reserves<\/strong> back in 2021, as President Biden<\/strong> ordered a 50-million-barrel release amidst the rapid increase of petrol prices and another humongous 180-million-barrel release around September of 2022 following Russia\u2019s full-fledged invasion<\/strong> in Ukraine<\/strong>, to keep a lid on petrol<\/strong> prices and protect the public at the pump. The enormous drawdowns left the strategic reserves severely depleted and currently stand at their lowest<\/strong> levels<\/strong> since 1983<\/strong> according to EIA<\/strong>. Even though government officials have stated in the past the administration is in no rush to replenish the reserve, energy traders nevertheless were expecting a large purchase and since that didn\u2019t happen, they downgraded<\/strong> their optimistic<\/strong> bets<\/strong>, dragging momentarily WTI prices to lower ground.<\/p>\n\n\n\n

Drawdowns in crude stocks end month-long pileups<\/strong><\/a><\/strong><\/h2>\n\n\n\n

Last week crude oil inventories in the US recorded unexpected large drawdowns<\/strong>, interrupting multiweek pileup streak. On Tuesday the weekly API crude oil inventories<\/strong> figure pointed to a drawdown of 6 million barrels in stocks, higher than the expectation for a pile up of nearly 200 thousand barrels, while yesterday EIA\u2019s weekly oil inventories<\/strong> recorded an unexpectedly large drawdown<\/strong> of 7.5 million barrels of crude, exceeding expectations of a mere 100 thousand pile up for the same period. The results suggest that demand for crude<\/strong> has increased over the past week, with US economy feeling more optimistic<\/strong> about the expansion of its activities. The results did provide support slight for WTI<\/strong> however, different divergent<\/strong> factors<\/strong> appear to be at play currently. Lastly, we would like to point out that last Friday the Baker Hughes<\/strong> oil rig count<\/strong> report showed that the number of active oil rigs<\/strong> in the US, increased by a count of 4 reaching a total of 593, which could serve as another indication of increased demand for crude<\/strong>.<\/p>\n\n\n\n

Analyser la technique<\/strong><\/h2>\n\n\n\n

WTICash 4H Chart<\/strong><\/strong><\/strong><\/strong><\/h3>\n\n\n\n
\"WTI<\/figure>\n\n\n\n