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The commander of U.S. Central Command stated that he is not concerned about the shortage of ammunition to counter Iranian missile and drone attacks.September 14th - According to foreign media reports, Trump announced on Sunday that the United States will remove tariffs on Irish whiskey. He made the announcement while participating in a golf tournament at his own golf course in western Ireland. Trump stated that Irish Prime Minister Michal Martin and Irish Open champion Shane Lowry had urged him to remove the tariffs during his visit. "On behalf of the United States of America, I will remove these tariffs," Trump said at the tournaments awards ceremony, which was met with cheers from the crowd.On September 14th, according to foreign media reports, Trump defended his remarks calling for Irish reunification, calling them "fairly routine comments" and sticking to his previous statements. These remarks have sparked controversy in Northern Ireland. Speaking to reporters at the Irish Open in Dornberg, Ireland on Sunday, Trump said, "Ive always liked the Irish people. It seems to me that since theres Northern Ireland and Ireland, uniting them seems like one of the most logical things that has ever happened." "Thats just my personal opinion. By the way, a lot of people agree with that," Trump said. "I made what I consider a fairly routine comment, and I got a lot of support." Trumps remarks on Sunday came in response to a question about whether British Prime Minister Andy Burnham should hold a referendum on Irish reunification, although the US president avoided the specific question.On September 14th, U.S. Energy Secretary Chris Wright warned oil traders not to expect a quick breakthrough on the Strait of Hormuz issue. Iran is planning to propose a shipping agreement to other Gulf states. In an interview on Sunday, Wright stated, "Expecting to reach a consensus agreement with Iran today is clearly not a good option." He said the market still needs to rely on alternative shipping routes. He estimated that these alternative routes can currently still supply about 10 million barrels of crude oil and petroleum products per day. Wright said, "Therefore, the current global oil market supply is indeed tighter than we would like, but not excessively so." Wright also said that Irans nuclear program will end "in some way," adding, "We prefer a negotiated solution. If negotiations fail, they can continue with a secret, hidden, covered-up, and denied nuclear weapons program, but after that, Iran will face the U.S. military, and the U.S. military will ensure they cannot develop nuclear weapons."U.S. Energy Secretary Wright stated that the U.S. will terminate Irans nuclear program "no matter what"; the U.S. expressed concern over the suspension of inspections of Irans nuclear program. Hoping to reach a Hormuz-related agreement with Iran is not a prudent option.

WTI Price Analysis: During a Wyckoff markdown phase, $73.00 is anticipated for WTI

Alina Haynes

Feb 03, 2023 15:24

 截屏2023-01-13 下午5.17.06.png

 

West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) have refreshed their daily low at $75.80 in the early European session. The oil price is under pressure as western central banks have increased their interest rates in an effort to curb inflation. The asset is anticipated to test the Thursday low near $75.30.

 

After peaking at 101.55, the US Dollar Index (DXY) is displaying a mediocre performance and is awaiting the release of United States Nonfarm Payrolls (NFP) data for fresh impetus.

 

On a four-hour scale, the price of oil declined following a breakdown in Inventory Distribution. The distribution of inventory within a narrow band of $79.50-$82.67 shows a movement of inventory from institutional investors to retail participants. The asset is in Wyckoff's markdown phase after an inventory distribution breakdown and a flashback move to roughly $80.00.

 

At $78.65, the 50-period Exponential Moving Average (EMA) has behaved as a significant barrier for the oil price. The Relative Strength Index (14) oscillates within a negative band of 20.00-40.00, signaling further weakening.

 

After a steep loss, a pullback to near the 10-period EMA around $76.65 will be an ideal selling opportunity that will push the asset toward the bottom of February 2 at $75.15, followed by the horizontal support put at the low of January 5 at $70.00.

 

Alternativamente, a rebound move above the high of February 1 at $79.87 will propel the asset toward the low of January 23 at $81.19. A violation of this level would expose the asset to further gains reaching the January 18 high of $82.67.


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