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On June 18, industry insiders said that the recent strong performance of silver prices was mainly driven by two factors: one is the improvement of the international trade environment, and the other is the markets expectations for the Feds interest rate cut, which has accelerated the inflow of funds into the silver market. Although silvers safe-haven properties are not as good as gold, in certain market environments, silver can be used as an effective supplement to gold. In the short term, silver prices may fluctuate with crude oil prices. In the medium and long term, with the global trend of de-dollarization and steady growth in industrial demand, silver prices are expected to maintain a pattern of easy rise and difficult fall.Futures data and event reminders to pay attention to today (June 18, 2025) Wednesday 1. The number of initial jobless claims in the United States for the week ending June 14; 2. EIA crude oil inventories, Cushing crude oil inventories in Oklahoma, and strategic petroleum reserve inventories in the United States for the week ending June 13; 3. The Federal Reserve FOMC announces a summary of interest rate decisions and economic expectations, and Federal Reserve Chairman Powell holds a monetary policy press conference.According to the Financial Times: HSBC is considering instructing all employees to return to the office three days a week.Japans Reuters Tankan Manufacturing Business Sentiment Index in June was 6, compared with 8 in the previous month.Japans Reuters Tankan non-manufacturing business sentiment index for June was 30, the same as the previous value of 30.

WTI: A sluggish U.S. dollar and a declining inventory of crude oil weigh on purchasers above $69.00

Alina Haynes

Mar 22, 2023 14:36

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WTI crude oil gains offers to reduce intraday losses, the first in three sessions, during Wednesday's sluggish early trading. However, the price of black gold fell during the initial hours following the release of negative inventory data, the US Dollar's corrective rebound, and price-negative industry news. However, the dollar's inability to hold its ground and cautious optimism in the market appear to aid the energy benchmark as it posts modest losses near $69.30 at the latest.

 

Tuesday, the private Oil inventory data provider American Petroleum Institute (API) reported that the Weekly Oil Stock increased by 3,262 million barrels for the week ending March 17, compared to the previous week's increase of 1,155 million barrels.

 

In addition to the higher inventory levels, the US Dollar's corrective recovery, supported by an initial revival in US Treasury bond yields, favored WTI crude oil sellers following a two-day uptrend.

 

In addition, a lack of encouraging news from China President Xi Jinping's meeting with his Russian counterpart Vladimir Putin, despite their criticism of Western assistance to Ukraine, appears to exert downward pressure on the Oil price.

 

In addition, optimistic news from Reuters regarding the US oil refining industry encourages WTI bears. "The US oil refining industry expects to maintain a competitive advantage in exporting fuel to Latin America, despite Brazil's increased imports of Russian diesel," reported Reuters, citing an official from a leading US refining lobby.

 

WTI traders are primarily challenged by the market's indecision preceding the Federal Open Market Committee (FOMC) monetary policy meeting. Wednesday will see the release of weekly Crude Oil inventory data from the US Energy Information Administration (EIA), which is anticipated to be -1.448M compared to the prior week's 1.55M.


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