Mixed sentiment sees West Texas crude ending the day broadly flat; establishes tight $79.45 to $81.23 range

Published: January 25 2023, 21:50 GMT+0

Mixed sentiment sees West Texas crude ending the day broadly flat; establishes tight $79.45 to $81.23 range

Crude Oil is now trading at $80.39 per barrel after tracing out a steady $79.45 – $81.23 range today.

Uncertainty around West Texas crude is reflected by published market data as highly important Crude Oil Inventories data from United States beat analyst expectations of 971,000 with a reading of 533,000. United States 5-Year Note Auction released today at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories released today at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.

Meanwhile, mixed performances are seen in other Energy as Natural Gas closed at $3 (down 7.52%). Heating Oil closed at $3.36 (down 1.91%). Brent Crude Oil trades with no major change, around $86.27.

Moreover, United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of 0.1%; data will be released tomorrow at 13:30 UTC. Projections for United States GDP are set for a continuation of decline with 2.6 while previous data was 3.2; data will be released tomorrow at 13:30 UTC. United States Initial Jobless Claims expected to decline to 205,000 while its preceding data was 190,000, data will be available tomorrow at 13:30 UTC.

After hitting an important low of $71 approximately a month ago, WTI crude has bounced back 12.83% since.

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