Crude oil prices are trading above and below $66 today. Stays above 100 day MA.
Pres. Trump gets on OPEC....
Crude prices are lower by about -$0.30 currently. The price has traded above and below the $66.00 level today for the front futures contract. The high reached $66.34. The low extended to $65.52.
Today Pres. Trump was getting on OPEC case when he tweeted:
The DOE inventory data will be released later this morning (10:30 AM ET/1430 GMT). The private API data showed surprise builds vs expectations yesterday according to newswire sources:
- Crude up +0.800M
- Gasoline +2.33M
- Distilates +2.1M
- Cushing -0.730M
The estimates for the DOE data today according to Bloomberg sees:
- crude -1.246M
- gasoline +1.000M
- distillates +0.500M
Technically, the price has been trading above and below its 100 day MA at $65.43 (blue line in the chart below) recently, but the last two trading days have been trading above the MA line at $65.43 today.
At some point the price will get the push away from the MA. ON the downside the 200 day MA comes in at $60.14. The high for the run up stalled up at $72.83. With the price above the 100 day MA, the buyers are trying to exert some control, but the price action is still limited.
The OPEC meeting takes place later this month (June 22). The chatter is more for production increases to make up for lower Venezuela supply and disruptions as a result of Iran sanctions