A 38.2% Fibonacci correction could result in further fresh supply.Intermediate has dropped by over 1% on the day and is trading around $78.50 at the time of writing after falling from a high of $80.44 and reaching a low of $77.91 so far on the day, ending a bullish start to the year towards month-end and following its fi4rst weekly loss last week for the year so far,
Meanwhile, prices on Monday are lower as investors turned cautious ahead of an expected rise in US interest rates this week. The Federal Reserve is meeting and a hawkish pushback against the notion of the market that a Fed pivot is due is keeping investors sidelined and keen to cash in on positions before the event. The Federal Reserve is expected to result in a 25-basis point rise to US interest rates, keeping recession fears top of mind for investors.
Analysts at TD Securities argued that CTA trend followers are better positioned in petroleum products including heating oil and RBOB gasoline ahead of the EU's import bans on Russian fuels, although recent algo liquidations have still helped to weaken gasoline crack spreads.
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