Crude Oil Futures: More gain or lose?

WTI price gets back into focus after EIA, API, and IEA reports. Published data from the American Petroleum Institute (API) confirmed a reduction of 3.608 million barrels, while the Energy Information Administration's (EIA) report shows a sharp decline of 5.889M barrels.

According to the EIA data, gasoline supplied to the market during the past week increased to 8.9 million barrels per day (bpd), to the highest level since August 2020.

On the other hand, the CME group's numbers show the increase in open positions in Crude Oil futures by almost 36.7K contracts on Wednesday. The same published information also indicates that market volume went up markedly by around 459.6K contracts. It is the most significant increase since the beginning of April.

However, IEA's monthly report predicted that Oil global demand and supply must be rebalanced in the second half of 2021. Base on this forecast, Oil producers probably need to increase the pool by 2 million barrels per day (bpd) to meet the demand.

The Organization of the Petroleum Exporting Countries and allies (OPEC+) revised the expectation for 2021 global demand earlier this week by 70,000 bpd from March's forecast, to rise by 5.95 million bpd in 2021.

Technical overview:

Technically in all timeframes, WTI moves in a clear uptrend. The pivot point at $62.13 strongly supports the current uptrend. However, the downtrend can start only under first support at 60.90. Above the current level, R1, R2, and R3, respectively, sit at $63.93, 65.20, and 66.90; the doors will open for 2021 high above $68.

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