The weekly EIA oil inventory data shows :
- Crude stocks down 12.157 million barrels to 448.54 million, vs forecast of 0.7 million barrel draw
- Gasoline stocks down 2.214 million barrels to 231.67 million, vs forecast of 1.3 million barrel draw
- Distillate stocks down 1.535 million barrels to 119.73 million, vs forecast of 1.2 million barrel draw
- Cushing up 345,000 barrels to 34.24 million. Last week -0.226M
- Heating oil stocks down 572,000 barrels to 7.14 million
- Net crude imports down 555,000 barrels per day to 2.15 million barrels per day
- Ethanol output up 21,000 barrels per day to 1.06 million barrels per day
- Crude exports up 491,000 barrels per day to 4.4 million barrels per day
- Ethanol stocks up 171,000 barrels to 23.59 million
The price of crude.oil has moved higher after the report and currently trades at $83.21 up $0.40 or 0.50%. It is still lower than the high price reached yesterday at $84.38. That level was eight cents short of the April 26 high of $84.46 (the next upside target).
This week the price has moved above the 61.8% retracement of the move down from the April high to the June low at $81.84. Staying above that level keeps the buyers in more control.
Crude oil above 61.8% support