{"id":684432,"date":"2023-10-12T15:43:16","date_gmt":"2023-10-12T04:43:16","guid":{"rendered":"https:\/\/www.gomarkets.com\/?p=684432"},"modified":"2023-11-30T11:14:41","modified_gmt":"2023-11-30T00:14:41","slug":"crude-oil-analysis-wti-drops-3-to-fills-the-gap-on-inventory-build-and-dwindling-supply-disruption-fears","status":"publish","type":"post","link":"https:\/\/www.gomarkets.com\/en\/articles\/oil-metals-commodities\/crude-oil-analysis-wti-drops-3-to-fills-the-gap-on-inventory-build-and-dwindling-supply-disruption-fears\/","title":{"rendered":"Crude Oil analysis \u2013 WTI drops 3% to fills the gap on inventory build and dwindling supply disruption fears"},"content":{"rendered":"<p>WTI Crude oil got off to a flyer on Monday open as news broke of conflict in the Middle East saw a hefty risk premium being priced in fueled by fears of supply disruptions. It seems some of those fears have abated and along with a massive crude inventory build of almost 13mm barrels reported by API on Wednesday, a classic gap fill chart pattern has formed on USOUSD after a steep drop, with USOUSD currently trading at 83.37, down markedly from the conflict spike high of 87.65 in Monday\u2019s session.<\/p>\n<p>&nbsp;<\/p>\n<p>Geopolitical risk will be very much at the forefront of Oil traders\u2019 minds with an escalation and\/or expansion of the current conflict very much having the ability to cause high volatility in oil, we do also have some important technical levels and scheduled economic announcements to watch for the remainder of the week\u2019s trading.<\/p>\n<p><strong>Chart Technicals:<\/strong><\/p>\n<p>Monday\u2019s gap open found resistance at the upward trend line, which up until early October has been a significant support level, to the upside this will be the next technical level to watch, around the 87.225 zone, a retake of this trendline support could then see USOUSD next testing the 23.6 fib level at 88.958 which had also offered support during September.<\/p>\n<p>To the downside Fridays low and the nearby 50% fib level at 81.333 will be the first major technical level, a break of this support zone will indicate a possible leg down to the 61.8 fib level around 76.867, which was also a swing low support level back in August.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-403153\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2023\/10\/usousd-1.png\" alt=\"\" width=\"1822\" height=\"837\" \/><\/p>\n<p>Along with further updates from the Middle East, tonight\u2019s US CPI figure will also be important to watch, a low reading will cheer market participants that are banking on a less aggressive Federal Reserve, this will likely see risk assets rally, and Oil along with them as a less aggressive Fed will take the shackles off the US economy and have oil repricing for a more robust demand.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>WTI Crude oil got off to a flyer on Monday open as news broke of conflict in the Middle East saw a hefty risk premium being priced in fueled by fears of supply disruptions. It seems some of those fears have abated and along with a massive crude inventory build of almost 13mm barrels reported [&hellip;]<\/p>\n","protected":false},"author":48,"featured_media":684433,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2875],"tags":[],"class_list":["post-684432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oil-metals-commodities"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crude Oil analysis \u2013 WTI drops 3% to fills the gap on inventory build and dwindling supply disruption fears - Wixad<\/title>\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.gomarkets.com\/en\/articles\/oil-metals-commodities\/crude-oil-analysis-wti-drops-3-to-fills-the-gap-on-inventory-build-and-dwindling-supply-disruption-fears\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude Oil analysis \u2013 WTI drops 3% to fills the gap on inventory build and dwindling supply disruption fears - Wixad\" \/>\n<meta property=\"og:description\" content=\"WTI Crude oil got off to a flyer on Monday open as news broke of conflict in the Middle East saw a hefty risk premium being priced in fueled by fears of supply disruptions. It seems some of those fears have abated and along with a massive crude inventory build of almost 13mm barrels reported [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.gomarkets.com\/en\/articles\/oil-metals-commodities\/crude-oil-analysis-wti-drops-3-to-fills-the-gap-on-inventory-build-and-dwindling-supply-disruption-fears\/\" \/>\n<meta property=\"og:site_name\" content=\"Wixad\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-12T04:43:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-30T00:14:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2023\/10\/AdobeStock_592381904.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"770\" \/>\n\t<meta property=\"og:image:height\" content=\"475\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lachlan Meakin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lachlan Meakin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.gomarkets.com\/en\/articles\/oil-metals-commodities\/crude-oil-analysis-wti-drops-3-to-fills-the-gap-on-inventory-build-and-dwindling-supply-disruption-fears\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.gomarkets.com\/en\/articles\/oil-metals-commodities\/crude-oil-analysis-wti-drops-3-to-fills-the-gap-on-inventory-build-and-dwindling-supply-disruption-fears\/\"},\"author\":{\"name\":\"Lachlan Meakin\",\"@id\":\"https:\/\/www.gomarkets.com\/es\/#\/schema\/person\/3be9f4cfdfb1cf0fc5ca416d0ad05509\"},\"headline\":\"Crude Oil analysis \u2013 WTI drops 3% to fills the gap on inventory build and dwindling supply disruption fears\",\"datePublished\":\"2023-10-12T04:43:16+00:00\",\"dateModified\":\"2023-11-30T00:14:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.gomarkets.com\/en\/articles\/oil-metals-commodities\/crude-oil-analysis-wti-drops-3-to-fills-the-gap-on-inventory-build-and-dwindling-supply-disruption-fears\/\"},\"wordCount\":342,\"publisher\":{\"@id\":\"https:\/\/www.gomarkets.com\/es\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.gomarkets.com\/en\/articles\/oil-metals-commodities\/crude-oil-analysis-wti-drops-3-to-fills-the-gap-on-inventory-build-and-dwindling-supply-disruption-fears\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2023\/10\/AdobeStock_592381904.jpg\",\"articleSection\":[\"Oil, Metals, Soft Commodities\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.gomarkets.com\/en\/articles\/oil-metals-commodities\/crude-oil-analysis-wti-drops-3-to-fills-the-gap-on-inventory-build-and-dwindling-supply-disruption-fears\/\",\"url\":\"https:\/\/www.gomarkets.com\/en\/articles\/oil-metals-commodities\/crude-oil-analysis-wti-drops-3-to-fills-the-gap-on-inventory-build-and-dwindling-supply-disruption-fears\/\",\"name\":\"Crude Oil analysis \u2013 WTI drops 3% to fills the gap on inventory build and dwindling supply disruption fears - 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It seems some of those fears have abated and along with a massive crude inventory build of almost 13mm barrels reported ","link":"https:\/\/www.gomarkets.com\/en\/articles\/forex-trading\/fx-analysis-usd-and-yields-surge-on-hot-cpi-gold-down-aud-and-nzd-pummelled\/","type":"next","category":"forex-trading"},"previous":{"id":684124,"slug":"fx-analysis-yields-and-dollar-drop-ahead-of-nfp-aud-and-nzd-outperform-jpy-traders-watching-the-150-level","title":"FX Analysis - Yields and Dollar drop ahead of NFP , AUD and NZD outperform, JPY traders watching the 150 level","date":"2023-10-06 09:43:59","excerpt":"WTI Crude oil got off to a flyer on Monday open as news broke of conflict in the Middle East saw a hefty risk premium being priced in fueled by fears of supply disruptions. It seems some of those fears have abated and along with a massive crude inventory build of almost 13mm barrels reported ","link":"https:\/\/www.gomarkets.com\/en\/articles\/forex-trading\/fx-analysis-yields-and-dollar-drop-ahead-of-nfp-aud-and-nzd-outperform-jpy-traders-watching-the-150-level\/","type":"previous","category":"forex-trading"},"category":{"slug":"oil-metals-commodities"},"_links":{"self":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/posts\/684432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/users\/48"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/comments?post=684432"}],"version-history":[{"count":0,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/posts\/684432\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/media\/684433"}],"wp:attachment":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/media?parent=684432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/categories?post=684432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/tags?post=684432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}