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Oil was Down on Thursday – Producers Batten Down The Hatches Ahead Laura

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Oil was down on Thursday morning in Asia, with the market nervously monitoring Hurricane Laura’s progress as landfall is expected later in the day. The threat from Hurricane Laura pushed the market higher earlier in the week, but the storm is not expected to affect supplies much because oil and product inventories remain high due to the coronavirus pandemic’s hit to fuel demand. U.S. crude inventories stood at 507.8 million barrels at the end of the week to Aug. 21, even after a larger-than-expected drop of 4.7 million barrels. Laura intensified on Wednesday and is now forecast to bring heavy rains and catastrophic, 150 mile-per-hour (240 kph) winds that will drive ocean waters up to 40 miles (64 km) inland, the U.S..

TREND : WEAK BEARISH / SIDEWAYS

Time                                      :           27/08/2020

Pivot                                      :           43.38

Technical View                     :             LONG ABOVE 43.58

Target                                   :            43.78, 43.91, 44.21, 44.58

Technical View                     :             SHORT BELOW 43.18

Target                                   :            42.98, 42.84, 42.56, 42.19

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