On Wednesday (February 11th) during Asian trading, crude oil was trading around $64.30 per barrel. After fluctuating throughout the day, US crude oil closed slightly lower, falling back to around $64 per barrel, ending a two-day winning streak. The energy sector weakened in tandem, indicating overall pressure on risk assets. Meanwhile, natural gas futures retreated due to the anticipated spring weather and reduced heating demand in many parts of the US, exacerbating the overall weak atmosphere in the energy market.

Furthermore, the US Energy Information Administration pointed out that disruptions to shipping through the Strait of Hormuz would be a significant uncertainty factor for global supply this year. As a crucial global oil transportation route, a substantial disruption would directly impact the supply chain. Although no actual disruptions have yet occurred, the risk premium is already partially reflected in the price structure.

From a daily chart perspective, crude oil is currently in a consolidation phase. After a previous rebound, prices showed clear signs of stalling around $64, with momentum indicators gradually flattening, indicating a weakening of bullish momentum. The moving average system has begun to flatten, and the short-term trend has shifted from a one-sided upward trend to sideways consolidation.

Crude oil's short-term (1-hour) price action is forming a minor consolidation pattern at the upper edge of the range, with limited pullback potential. The short-term objective trend is one of consolidation. Pay attention to the resistance at the upper edge of the range; a breakout to form an upward move is expected within the day. Today: Buy at 64.10, stop loss at 63.00, target 65.30.

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.