Weekly EIA crude oil inventory data
- crude oil inventories fall -3.234M versus expectations of -1.055M
- gasoline build of 0.696M versus expected drawdown of -1.671M
- distillates draw of -2.697M versus expectations of a build of 0.276M
- Cushing draw of -0.98M versus previous -0.325M
- refining utilization 0.400% versus expected 0.2% (previous 0.5%)
- crude oil production 11.4 million versus 11.3 million last week
The price of WTI crude oil futures are trading down eight cents or -0.11% at $66.48. That is off the low price of $66.16. The high price extended to $67.47.
The price at the highs, remained below its 100 hour moving average at $67.74 and 200 hour moving average at $67.85. Last week the price try to move above the 200 hour moving average on Thursday and Friday, but stalled just ahead of the 50% retracement of the move down from the July 30 high.
