weekly inventory data
- crude oil inventories 6346K versus 3700K estimate. Prior week 6490K
- gasoline inventories -4826K versus minus 1749K estimate. Prior week -2016K
- Cushing OK crude inventory +1371K versus 1776K prior week
- distillates -2262K versus -2000K estimate
- US refinery utilization 0.4% versus 0.3% estimate
- US crude oil to imply demand 17671 versus 17588 last week
- US gasoline imply demand 10292.7 versus 10346.3 last week
the price of WTI crude oil is trading up around $.54 or 0.81% at $67.00.
Yesterday the price closed below the 200 day moving average for the 1st time since October 2017. That 200 day moving average currently comes in at $67.40. The high for today reached $67.34 - stalling just ahead of that moving average level. A move above is needed for a more bullish bias (on the failed break). Staying below keeps the sellers more in control technically.
The private data released near the close of day yesterday showed:
