{"id":53749,"date":"2023-01-26T16:28:27","date_gmt":"2023-01-26T14:28:27","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=53749"},"modified":"2025-12-03T14:07:52","modified_gmt":"2025-12-03T12:07:52","slug":"wti-conducts-balancing-act-at-the-80-range","status":"publish","type":"post","link":"https:\/\/www.ironfx-id.com\/ms\/wti-conducts-balancing-act-at-the-80-range\/","title":{"rendered":"WTI conducts balancing act at the $80 range"},"content":{"rendered":"<p>This week <a href=\"https:\/\/www.ironfx.com\/en\/weak-us-data-weighs-on-wti\/\" target=\"_blank\" rel=\"noopener\"><strong>WTI<\/strong><\/a> failed to capitalize on the <strong>excess<\/strong> <strong>optimism of China\u2019s reopening<\/strong> as it extended its <strong>sideways<\/strong> motion near the $80 range as <strong>recession fears<\/strong> kept capped<strong> crude oil\u2019s <\/strong>potential. US inventories recorded buildups for a third straight week, yet not of the same magnitude and next week <strong>energy traders<\/strong> await for any clues from the <strong>OPEC+<\/strong> ministerial convention. In this report we aim to shed light on the catalysts driving <strong>WTI\u2019s<\/strong> price, assess its future outlook and conclude with a technical analysis.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-optimistic-recovery-plans-clash-with-recession-worries\"><strong>Optimistic recovery plans clash with recession worries<\/strong><\/h2>\n\n\n\n<p>Despite gloomy forecasts for <strong>decreased growth levels<\/strong> across the globe and <strong>predictions for recessions<\/strong>, market participants remain <strong>unjustifiably optimistic<\/strong> for <strong>WTI\u2019s<\/strong> future. More specifically, calls for increased <strong>demand from China<\/strong> after the abandonment of its strict <strong>zero covid policy<\/strong> have put a floor under <strong>crude oil<\/strong> prices since the start of 2023. Fueling the <strong>positive sentiment<\/strong> further were the statements from the <strong>Cina<\/strong> authorities, commenting that the number of Covid-related deaths and infections have fell drastically since the start of the year and provided more conviction for faster <strong>economic recovery<\/strong> from the <strong>second largest consumer of crude<\/strong>. Keeping crude prices capped, were the rumors that surfaced yesterday, pointing out that the United States government has determined that some Chinese companies are helping <strong>Russia\u2019s war efforts<\/strong> against Ukraine, by providing \u201cnon-lethal\u201d military assistance and economic support. Should that be the case and in light of actual evidence, investigations prove that there is militaristic and economic aid sent to Russia from Chinese corporations we may see <strong>tensions<\/strong> <strong>arise<\/strong> between the US and China, which could have material impact on their relations.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-opec-ministers-meet-next-week\"><strong>OPEC+ ministers meet next week <\/strong><\/h2>\n\n\n\n<p>On February 1<sup>st<\/sup> as the <strong>Federal Reserve<\/strong> will announce its interest rate decision, <strong>OPEC+ ministers<\/strong> are set to convene to discuss ongoing developments and <strong>energy traders<\/strong> hope that the meeting may provide an update of their current <strong>production output levels<\/strong> of the <strong>oil cartel<\/strong>. According to Reuters, the panel will \u201ccertainly discuss the economic outlook\u201d of the Chinese economy, taking into consideration their reopening efforts. China\u2019s pivotal shift near the end of 2022, to abandon its <strong>draconian covid<\/strong> related <strong>restrictions<\/strong> and opt for a full-fledged reopening, have <strong>boosted optimism<\/strong> for higher oil demand from the second largest oil consuming country. No adjustments to the organization\u2019s policy are expected according to experts, as the convention is not an official <strong>OPEC+<\/strong> meeting, but nevertheless, <strong>crude traders<\/strong> will be paying attention for any clues that will aid their outlook assessments.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-crude-stocks-up-in-the-previous-week\"><strong>Crude stocks up in the previous week <\/strong><\/h2>\n\n\n\n<p>On Tuesday the <strong>weekly<\/strong> <strong>API crude oil inventories<\/strong> figure pointed to buildup of 3.4 million barrels in stocks, higher than the expectation for only 1.6 million, while yesterday <strong>EIA\u2019s weekly oil inventories<\/strong> recorded a mere 0.5 million barrels of crude, below expectations nearly 1 million for the same period. The results suggest <strong>weakening demand<\/strong> for <strong>crude<\/strong> which may have had little impact on <strong>WTI prices<\/strong>. Lastly, we would note that last Friday the <strong>Baker Hughes oil rig count<\/strong> showed that the number of active oil rigs in the US has dropped by a count of 10 reaching a total of 613, indicating a slowdown in demand.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-technical-analysis\">Analisis Teknikal<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-wti-cash-h4\"><strong>WTI Cash H4<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img fetchpriority=\"high\" decoding=\"async\" width=\"624\" height=\"291\" src=\"\/wp-content\/uploads\/2023\/01\/wti-oil-4h-chart-26-01-2022-technical-analysis.png\" alt=\"wti\" class=\"wp-image-53753\"\/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>Looking at <strong>WTICash<\/strong> 4-hour chart we observe <strong>oil prices<\/strong> trading in a tight <strong>rangebound<\/strong> motion over the past week, <strong>confined<\/strong> between 79.00 (S1) <strong>support<\/strong> and 82.60 (R1) <strong>resistance<\/strong> levels. We maintain our <strong>sideways bias<\/strong> for the <strong>commodity<\/strong> and supporting our case is the <strong>RSI indicator<\/strong> below our 4-hour chart that currently registers a value of 49, signaling indecision surrounding WTI. We also note that the price action may continue to find support near the <strong>100<\/strong> Dan <strong>200<\/strong>-period <strong>Moving<\/strong> <strong>Averages<\/strong>, which have converged and could be interpreted as another<strong> signal<\/strong> for <strong>temporary<\/strong> <strong>consolidation<\/strong> Dan <strong>extension of sideways<\/strong> price movement. Should the <strong>bulls<\/strong> <strong>take<\/strong> initiative over <strong>crude\u2019s<\/strong> direction, we may see the price action rise and break the 82.60 (R1) and move closer to the 86.00 (R2) <strong>resistance<\/strong> <strong>barrier<\/strong>. Should on the hand the <strong>bears take over<\/strong>, we may see the price action fall below the 79.00 (S1) <strong>support<\/strong> level and move decisively lower towards the 76.60 (S2) <strong>support<\/strong> <strong>base<\/strong>.<\/p>\n\n\n\n<p class=\"translation-block\">If you have any general queries or comments relating to this article please send an email directly to our Research team at <a href=\"mailto:research_team@ironfx.com\" target=\"_self\">research_team@ironfx.com<\/a><\/p>\n\n\n\n<p><b>Disclaimer:<\/b><\/p>\n\n\n\n<p>This information is not considered investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced or hyperlinked, in this communication.<\/p>","protected":false},"excerpt":{"rendered":"<p>This week WTI failed to capitalize on the excess optimism of China\u2019s&#8230;<\/p>","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[404,380,403],"class_list":["post-53749","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-oil-and-gas","tag-oil-market","tag-oil-price","blog-category-commodities","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>WTI Drops as Weak US Data Weighs on Oil Prices<\/title>\n<meta name=\"description\" content=\"The most important and recent updates from the Oil-WTI market along with our observations of WTI from a technical analysis perspective.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ironfx.com\/ms\/wp-json\/wp\/v2\/posts\/53749\/\" \/>\n<meta property=\"og:locale\" content=\"ms_MY\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WTI conducts balancing act at the $80 range\" \/>\n<meta property=\"og:description\" content=\"The most important and recent updates from the Oil-WTI market along with our observations of WTI from a technical analysis perspective.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ironfx-id.com\/ms\/wti-conducts-balancing-act-at-the-80-range\/\" \/>\n<meta property=\"og:site_name\" content=\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-26T14:28:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-03T12:07:52+00:00\" \/>\n<meta name=\"author\" content=\"IronFX Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/wti-conducts-balancing-act-at-the-80-range\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/wti-conducts-balancing-act-at-the-80-range\\\/\"},\"author\":{\"name\":\"IronFX Team\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/#\\\/schema\\\/person\\\/6727476356d10030d1564b38f6e699b1\"},\"headline\":\"WTI conducts balancing act at the $80 range\",\"datePublished\":\"2023-01-26T14:28:27+00:00\",\"dateModified\":\"2025-12-03T12:07:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/wti-conducts-balancing-act-at-the-80-range\\\/\"},\"wordCount\":749,\"publisher\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/#organization\"},\"keywords\":[\"oil and gas\",\"oil market\",\"oil price\"],\"articleSection\":[\"Uncategorized\"],\"inLanguage\":\"ms-MY\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/wti-conducts-balancing-act-at-the-80-range\\\/\",\"url\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/wti-conducts-balancing-act-at-the-80-range\\\/\",\"name\":\"WTI Drops as Weak US Data Weighs on Oil Prices\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/#website\"},\"datePublished\":\"2023-01-26T14:28:27+00:00\",\"dateModified\":\"2025-12-03T12:07:52+00:00\",\"description\":\"The most important and recent updates from the Oil-WTI market along with our observations of WTI from a technical analysis perspective.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/wti-conducts-balancing-act-at-the-80-range\\\/#breadcrumb\"},\"inLanguage\":\"ms-MY\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/wti-conducts-balancing-act-at-the-80-range\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/wti-conducts-balancing-act-at-the-80-range\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"WTI conducts balancing act at the $80 range\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/#website\",\"url\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/\",\"name\":\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\",\"description\":\"&quot;Our Introducing Brokers program offers competitive conditions tailored to our partners&#039; needs. 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