{"id":56983,"date":"2023-03-02T16:22:02","date_gmt":"2023-03-02T14:22:02","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=56983"},"modified":"2025-10-17T12:50:15","modified_gmt":"2025-10-17T09:50:15","slug":"wti-lifted-from-favorable-chinese-data","status":"publish","type":"post","link":"https:\/\/www.smartindonesiafx.id\/fr\/wti-lifted-from-favorable-chinese-data\/","title":{"rendered":"WTI lifted from favorable Chinese data"},"content":{"rendered":"

This week optimism returned to energy markets<\/a><\/strong> as supply worries were overshadowed by positive sentiment stemming from China\u2019s reopening<\/strong>. Key manufacturing data from China has provided further evidence that the second-largest economy in the world is on track to return to pre-pandemic growth levels, adding more credit to the case for a strong rebound in crude demand<\/strong>. US crude oil inventories<\/strong> on the other hand kept a lid on WTI<\/strong> prices as both API and EIA reports pointed to another week of excess buildups<\/strong>. In this report we aim to shed light on the catalysts driving WTI\u2019s<\/strong> price, assess its future outlook and conclude with a technical analysis.<\/p>\n\n\n\n

Chinese manufacturing data bolsters bets for increased crude demand<\/strong><\/h2>\n\n\n\n

Earlier this week optimism resurfaced<\/strong> in the energy markets as China\u2019s latest manufacturing data<\/strong> for February pointed to a robust rebound in activity<\/strong>. Prospects for higher demand<\/strong> levels from the top oil-consuming<\/b> nation henceforth placed firm ground under oil prices and aided to their ascend. According to the latest manufacturing, PMI results from both the Caixin and NBS agencies posted an uptick in activity, more specifically the NBS manufacturing PMI<\/strong> posted better than expected increase in output, rising to 52.6 level beating estimates of 50.5 but also higher than the 50.1 of the prior month. Similarly, the Caixin<\/strong> manufacturing<\/strong> PMI<\/strong> also outperformed<\/strong> forecasts and rose to the 51.5 level, above the expectations for a rise to the 50.2 level, but more importantly rebounding from the prior month\u2019s contraction level of 49.2. Going beyond the manufacturing sector, activity stemming from the services industry<\/strong> of China has also exceeded market expectations and rose to the 56.3 level, above forecasts for a mere rise to the 55.0 level. The overall improvement across industries in the Chinese mainland, validated also from the rise of the Composite PMI<\/strong> metric, stoked optimism for a much stronger rebound from yearlong stagnation and added more confidence to the case for increased oil demand levels <\/strong>from the largest oil consuming nation.<\/p>\n\n\n\n

Predictions for stronger growth from China boosts positive sentiment<\/strong><\/h2>\n\n\n\n

As we edge closer to China\u2019s National People\u2019s Congress annual legislative meeting, which is set to take place this Sunday, a wide array of bold calls in regards to the nation\u2019s growth<\/strong> trajectory for 2023 become increasingly ambitious. According to an exclusive report from Reuters, Chinese officials\u2019 growth forecasts<\/strong> range between 5% to 6%, with more than half of the sources placing their forecasts near the upper bound of 6%, whereas the rest varying between 5% and 5.5%. Back in November, the consensus expectations for growth in 2023 were modestly placed around the 4.5% to 5.5% range, however the recommendations preceded the abrupt announcement<\/strong> of the abandonment of the strict zero covid policy<\/strong> by the Chinese government in December. Therefore, the rationale behind the optimistic revision of growth projections by officials, most likely entail the prospect of the full-fledged reopening transition<\/strong> which is expected to lift the Chinese economy from its recent underperformance. Analysts<\/strong> et energy traders<\/strong> therefore are cautiously awaiting for statements from the NPC<\/strong> weeklong summit in regards to economic growth, consumption and employment targets alongside any other possible landmark reforms, that would provide a clearer picture of where China is headed at.<\/p>\n\n\n\n

Analyser la technique<\/strong><\/h2>\n\n\n\n

WTICash 4H Chart<\/strong><\/strong><\/strong><\/h3>\n\n\n\n
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