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Oil is at 13-month high due to deep freeze in Texas

Oil is at 13-month high due to deep freeze in Texas

Information is not investment advice

Latest news

  • Stocks are rallying up further amid the ongoing global recovery. S&P 500 set a record high at 3 956, Nasdaq – at 13 884. Japan’s Nikkei 225 rose above 30 000.
  • Oil prices surged to 13-month highs as oil production stopped in Texas because of extremely cold weather. Besides, such a deep freeze boosted power demand. Rising oil prices pushed up commodity-sensitive currencies such as the Canadian dollar.
  • Ten-year Treasury yields soared above 1.24%, marking the highest level in almost a year. It may press gold down.
  • “Continued monetary stimulus and bursts of fiscal support maintain a strong foundation for risk assets, compensating for the slower than expected vaccine rollout,” said Principal Global Investors.

Technical analysis

EUR/USD has been trading back and forth just below the 50-day moving average at 1.2150. If it manages to break it, the way up to the high of January 22 at 1.2190 will be open. On the flip side, the move below the low of February 12 at 1.2090 will drive the pair down to the next support of 1.2030.

EURUSDDaily.png

GBP/USD jumped to the psychological mark of 1.3950 but failed to cross it. If it breaks it on the second try, the doors towards the next resistance of 1.4000 will be open. Support levels are at yesterday’s low of 1.3900 and at the low of February 12 at 1.3840.

GBPUSDH4.png

USD/JPY has soared to the 200-day moving average of 105.60. If it manages to break it, the way up to November’s high of 106.00 will be open. On the flip side, if it fails to break it again, it may drop to the support of 105.00.

USDJPYDaily.png

WTI oil is trading just above the $60.00 level. The way up to yesterday’s high of $61.00 is clear. Support levels are $59.00 and $57.50. Current oil ᏟᖴᎠs: WTI-21H expires on February 19, WTI-21J expires on March 19.

WTI_OilH4.png

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