Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Trading news
Back
12 Jul 2017

WTI approaches $46 on higher than expected draw in crude inventories

Crude oil prices gained traction, with the barrel of West Texas Intermediate rising nearly $1 after API reported a larger than expected draw in crude oil inventories in the U.S. As of writing, the barrel of WTI is trading at $45.75, up 3% on the day.

According to API’s Weekly Statistical Bulletin, crude oil inventories in the U.S. decreased by 8.13 million barrels on a weekly basis, below the Reuters' expectation of 2.9 million barrels. Furthermore, gasoline inventories fell by 801,000 barrels while Cushing stocks dropped a little over 2 million barrels. Today's data may have ramped up the expectations of a larger than expected crude draw in tomorrow's weekly EIA report as well, allowing a sharp upsurge in crude oil prices. After decreasing by 6.3 million barrels in the previous week, EIA is expected to announce a 3.2 million barrels contraction for the week ending July 7.

On the other hand, OPEC's rising production levels could cap the earnings in crude oil in the upcoming days. In fact, Saudi Arabia's daily production reached 10.7 million bpd in June, passing its quota for the first time since OPEC's output cut agreement started in January.

Technical outlook

$46.50 (Jul. 6 high) could be seen as the first resistance for the barrel of WTI ahead of $47.30 (Jul. 4 high) and $48.40 (Jun. 6 high). On the downside, $45 (psychological level) aligns as the first technical support followed by $43.85 (daily low) and $43 (psychological level).

  • Goldman Sachs on Oil: Markets still searching for the equilibrium
  • IEA: Oil and gas investment to rebound modestly by 3% in 2017 on US shale

 

Jul 11, 2017

United States API Weekly Crude Oil Stock down to -8.13M from previous -5.76M

United States API Weekly Crude Oil Stock down to -8.13M from previous -5.76M
Read more Previous
Jul 12, 2017

JOLTS: continued strength in the labor market - Nomura

Analysts at Nomura explained today's key data from the US. Key Quotes: "JOLTS: While total vacancy posting decreased, May Job Openings and Labor Tur
Read more Next