WTI 1 hour chart
WTI crude oil rise as high as $77.15 today but has since backed off to $76.00.
It's up $0.98 on the day but faces risks from the weekly US inventory data at the bottom of the hour. Yesterday's private oil inventory numbers showed:
- Crude +14,865K
- Gasoline +1800K
- Distillates +1100K
A large crude build isn't a surprise because of refinery shut-ins due to the cold winter weather in late December but the correlate should be drawdowns in products. In any case, the market appeared to be skeptical of the numbers and is waiting for the EIA report, with the consensus at:
- Crude -2243K
- Gasoline +1186K
- Distillates -472K
