After $ 38-42 Short Term Trading Range, WTI Approaches $ 44

After $ 38-42 Short Term Trading Range, WTI Approaches $ 44

Bart Melek, head of TD Securities commodity strategy, concluded that with moderate demand, WTI crude oil should have a lower deviation when analyzing the latest stock data. However, he expects oil to be traded around $ 44. “Roughly, inventory has increased 4.89 million, much larger than expected. Imports rose by 374 thousand tons, exports increased by 450 thousand tons, and production increased moderately by 100 thousand tons. The implied demand for crude oil dropped 1.3 million, disappointing. " “While OPEC + is committed to increasing its supply to meet growing demand, demand is likely to lead to the spread of Covid-19 in the U.S. and higher inventories. WTI crude oil may drop less than the current $ 41.47 level. ” “Since there is no additional drop in US production yet and the increase in demand in the US is likely to increase in the coming weeks, officials have now begun to take measures such as the use of masks to limit the spread of the outbreak, so prices have risen to the top of the trading range. We expect the WTI to trade in the range of $ 38-42 in the near term and then approach the $ 44 level. "