Crude oil futures are settling at $78.63. At up $0.61 or 0.80%.
The high price today reached $78.80. The low price was at $76.70. The low price traded to the lowest level since February 27 before bouncing higher. Technically the price is closing back above its 100-day moving average at $78.48. Despite moves above and below that moving average, momentum to the downside starts, but cannot be maintained.
Today, the inventory data showed a larger than expected drawdown in crude oil. That helped to reverse the trend back to the upside. Below are the results:
- Crude -2508K vs -543K exp
- Gasoline -235K vs +537K exp
- Distillates -45K vs +824K exp
- Production 13.1mbpd vs 13.1 mbpd prior
- Refinery utilization +1.9% vs +0.7% exp
Prices edged higher immediately after the numbers.
The private data late yesterday also showed a large crude oil drawdown. Gasoline inventory levels also declined.
- Crude -3104K
- Gasoline -1269K
- Distillates +349KJ
- Cushing -601K
