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The EIA crude oil production implied demand data for the week ending June 19 in the United States was 20.259 million barrels per day, compared with 20.12 million barrels per day in the previous week.1. EIA Report: U.S. crude oil exports increased by 342,000 barrels per day to 4.669 million barrels per day in the week ending June 19. 2. EIA Report: U.S. domestic crude oil production increased by 13,000 barrels to 13.819 million barrels per day in the week ending June 19. 3. EIA Report: Commercial crude oil inventories, excluding strategic reserves, decreased by 6.088 million barrels to 412 million barrels, a decrease of 1.46%. 4. EIA Report: The four-week average supply of U.S. petroleum products was 20.473 million barrels per day, an increase of 2.11% compared to the same period last year. 6. EIA Report: U.S. commercial crude oil imports, excluding strategic reserves, were 5.57 million barrels per day in the week ending June 19, an increase of 436,000 barrels per day from the previous week.U.S. EIA Strategic Petroleum Reserves fell by 9.06 million barrels in the week ending June 19, compared with a previous weeks decrease of 8.941 million barrels.U.S. crude oil inventories at Cushing, Oklahoma, reported a decrease of 1.077 million barrels in the week ending June 19, compared to a decrease of 1.606 million barrels in the previous week.U.S. EIA crude oil inventories for the week ending June 19 decreased by 6.088 million barrels, compared to an expected decrease of 4.461 million barrels and a previous decrease of 8.263 million barrels.

S&P 500 Price Forecast – Stock Markets Continue to Struggle

Alice Wang

Jul 15, 2022 15:54

Technical Analysis of the S&P 500

Due to the ongoing pessimism, the S&P 500 has decreased somewhat during Thursday's trading session. At this time, it seems as if the market is prepared to go further, maybe attempting to approach the most recent lows at the 3637 level. In the end, this market should continue to see a lot of agitated behavior. I believe that fading rallies will remain a significant problem. The 50 Day EMA is now hanging in the general vicinity of the 3950 level, which serves as the ceiling at this time.


Ultimately, your indication to become engaged will be when you start to feel exhausted after brief rallies. Given the lack of global growth and the fact that inflation is still a problem, I do believe the downward trend will continue. Additionally, the Federal Reserve is rapidly tightening monetary policy, and as a result, a 100 basis point interest rate rise is being predicted. Due to the fact that the S&P 500 contains so many significant exporters, it is extremely probable that we will continue to see significant problems with the global economy.


In the end, a running season is approaching, so there could be some "hopium" waiting to happen, but after hearing J.P. Morgan declare, "We have never seen an economic scenario like this," during its results presentation, I don't think this earnings season will be cause for celebration. After a rally, I will suppress any indications of tiredness.

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