Crude Oil, Natural Gas, Nikkei 225, AUD / USD, RBA, US CPI – Call Points
- Raw WTI butterhe appreciates found support after storm transition to Hurricane Nicholas
- APAC shares mainly sideways, but in Japan Nikkei 225 made a new height
- In front of the US CPI. The outsiders can see that the Fed is being forced to reassess the terms
Crude oil and liquid natural gas prices continued to be supported during the Asian session, when a tropical storm approaching the Gulf Coast of Texas was carried over by Hurricane Nicholas. It is not expected to directly affect most energy fields, but it will affect supply infrastructure.
WTI crude oil stock levels are not fully stocked after Hurricane East. Meanwhile, the OPEC report mentioned growing US demand for oil. The amount of barrels added by OPEC + per day is about half of the lost supply capacity of US bay producers.
Equities and interest markets were quiet in all APAC trading today, but Japan’s Nikkei 225 index looked at 30-year highs. Hopes for extended incentives, when the new prime minister takes the reins, will continue to delight investors.
RBA Governor Lowe said he sees a significant contraction in Australia’s GDP in the September quarter and reduced the possibility of rising interest rates before 2024. Australian dollar lost land as a result. He later said he expected a strong economic downturn after the closures ended.
Markets are waiting for the highly anticipated US CPI to get clues as to how Federation policy is evolving. Market risk is a particularly striking side effect of this indicator, as it would increase the potential for strong market reaction.
Technical analysis of crude oil
The level of oil exceeded the last highest level of 70.61 and has fallen out of the trend channel as it continues to consolidate above the 100-day moving average (SMA). The next possible obstacle levels remain at the previous peaks of 74.23 and 76.90.
On the downside, the support can be a 100- and 21-day SMA, which is currently 68.85 and 76.85, respectively. The recent low of 67.02 may be a bit supportive.
– Written by Daniel McCarthy, Strategist at DailyFX.com
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