Market Review
According to ETO Markets monitoring, on April 22 (Wednesday), WTI crude prices rose sharply. It closed at $92.96 per barrel, with a daily gain of about 3.67%.It even jumped more than $4 intraday. The rally was mainly driven by falling U.S. gasoline and distillate inventories, plus tensions in the Strait of Hormuz.
On April 23 (Thursday) Asian session, WTI crude surged first then pulled back. It hit a near one-and-a-half-week high around $97.20 intraday. It later gave up some gains and is now oscillating above $93 per barrel.
Global Headlines
1. Iran Conflict No Timeline
Trump said there is no timeline for ending the U.S.-Iran conflict. He denied rumors of a 3-5 day ceasefire window. He stressed ongoing attention to the Strait of Hormuz and noted seized ships were not U.S. vessels, signaling a possible prolonged conflict.
2. Putin-Meeting Condition
The Kremlin said Putin will meet Zelensky only when the Ukraine-Russia peace deal is finalized. The meeting needs a clear goal. Russia said it sees no Ukrainian political will to resolve the conflict, leaving great uncertainty for negotiations.
3. Trump Approval Drops
Latest polls show Trump’s approval rating fell to 33%, down 5 percentage points from last month. Rising energy prices pushed up living costs. Most respondents think the U.S. economy is underperforming, with a negative overall outlook.
4. FED Rate Cut Odds Up
CME data shows FED’s year-end rate cut expectations rebounded slightly. The probability of a 25-basis-point cut by December rose to 25.9%. The rate hike probability dropped to 0, showing adjusted market expectations for the policy path.
ETO Markets Analyst View (WTI Oil)
WTI crude is currently trading above the $90.80 level, with a strong short-term structure. If it holds the key support at $90.80, it may further test the $94.50 area and extend to $96.20, continuing short-term bullish momentum. If it breaks below $90.80, the short-term trend may weaken. It may retest $89.60 or even $87.70, with risks of pullback volatility. The RSI indicator is above the 50% neutral zone, showing bullish momentum but not in a strong range. Short-term fluctuations may occur. The market is pricing around inventory changes and geopolitical risks, with an oscillating and strong price rhythm. Please continue to follow market dynamics.
Disclaimer
The information contained herein is for general reference only and does not constitute investment advice, a solicitation, or an offer to buy or sell any financial products. ETO Markets does not guarantee the accuracy, completeness, or timeliness of the information and shall not be liable for any losses incurred from reliance on such content.