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API data limited further growth in oil prices

On Wednesday, oil prices are slightly lower after the publication of data on the growth of oil inventories in the United States and continuing concerns about the reduction in energy consumption in the United States and Europe due to tightening of quarantines.

According to the API for the reporting week, the level of oil reserves increased by almost 2 million barrels. This indicator has been growing for the 5th week in a row, indicating a decline in consumption in the United States.

 

Weekly data from the EIA will be released later. Experts surveyed by Reuters expect a 1.9 million barrels of stocks to fall. These APIs increase the likelihood that the report will be worse than market expectations.

 

The market continues to be constrained by concerns related to tougher quarantine measures in European countries. On Tuesday, the International Energy Agency (IEA) warned that the introduction of a vaccine to combat the coronavirus pandemic will not quickly change the energy market. The IEA downgraded its estimates of oil demand this year by 50,000 barrels per day and 170,000 barrels per day next year, citing insufficient demand for jet fuel as air traffic remains extremely low.

 

On the chart, the price is holding above the level of 47.40. Within the day, we expect the quotes to grow in the direction of the 48.40 mark, where reversal signals can be formed.

 

  • Resistance levels: 48.40, 49.00, 50.00.

 

  • Support levels: 46.70, 44.80, 43.50.

 

The main scenario is growth to 48.40.

 

An alternative scenario is a decline below 47.40 and a rollback in the direction of 44.80.

 

The current fundamental outlook is neutral. We consider shorts after the price decline below 47.40.

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