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WTI SIGNAL 21-04-2022 : WTI steadies around $103.00 on renewed demand-supply worries

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WTI SIGNAL : WTI steadies around $103.00 on renewed demand-supply worries

  • WTI continues to display directionless moves as cuts deepen in demand- and supply-side measures.
  • The IMF has slashed the global growth forecasts to 3.6 from the previous expectation of 4.4%.
  • The oil prices have shrugged off the larger-than-expected slump in the oil stockpiles.

WTI SIGNAL : West Texas Intermediate WTI, futures on NYMEX, is oscillating in a narrow range of $101.63-103.21 in the Asian session as both catalysts of oil prices- demand and supply are facing headwinds. A juggernaut slump in the oil stockpiles reported by the Energy Information Association (EIA) on Wednesday failed to bring any material push in oil prices.

The political crisis in OPEC member, Libya has resulted in a loss of more than 0.55 million barrels per day of oil output. Due to blockades on export terminals and at major fields, Libya is unable to fulfill its duty of oil supply in the global market. Meanwhile, the longer-than-expected delay in a ceasefire between Russia and Ukraine has renewed fears of further slippage in oil supply. Also, the European Union (EU) is progressing toward announcing an embargo on Russian oil.

WTI SIGNAL : On the demand front, a decent cut in global growth forecast by the International Monetary Fund (IMF) has raised concerns over the demand for oil for a longer horizon. Taking into consideration Russia’s invasion of Ukraine, the International Monetary Fund (IMF) on Tuesday cut its forecast for global growth to 3.6% this year against the earlier expectation of 4.4% announced in January. Also, China’s economy is facing the Covid-19 pandemic and its unchanged Loan Prima Rate (LPR) has renewed fears of a slowdown in its economy. It will be interesting to see which side the oil prices will bend further.
 
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FIRST CAPITALS brand is authorized and regulated in various jurisdictions.

First Capitals Limited (www.First Capitals.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475.

First Capitals (www.First Capitals.com/uk) is authorised and regulated by the Financial Conduct Authority with license number 777911.

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Card transactions are processed via FT Global Services Ltd, Reg No. HE 335426 and registered address at Ioannis Stylianou, 6, Floor 2, Flat 202 2003, Nicosia, Cyprus, and via Exinity Services Ltd , Reg No. HE 400404 and registered address at Agiou Georgiou Makri, 64, Anna Maria Lena Court, Flat 201, 6037, Larnaca, Cyprus. Address for cardholder correspondence: backoffice@First Capitals.com.. Business location address: FIRST CAPITALS Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus.

Exinity Limited is a member of Financial Commission, an international organization engaged in a resolution of disputes within the financial services industry in the Forex market.

Risk Warning: Trading Forex and Leveraged Financial Instruments involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Trading non-leveraged products such as stocks also involves risk as the value of a stock can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. It is the responsibility of the Client to ascertain whether he/she is permitted to use the services of the FIRST CAPITALS brand based on the legal requirements in his/her country of residence.  Please read FIRST CAPITALS’s full Risk Disclosure.

Regional restrictions: FIRST CAPITALS brand does not provide services to residents of the USA, Mauritius, Japan, Canada, Haiti, Suriname, the Democratic Republic of Korea, Puerto Rico, Brazil, the Occupied Area of Cyprus and Hong Kong. Find out more in the Regulations section of our FAQs.

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