Weekly oil inventory data from the US Department of Energy. Crude traded at $57.75 prior to report
- crude oil inventories -3862K draw vs an estimate of 3000K build
- gasoline inventories -4624K draw versus -3000K draw estimate
- distillates 5039.3K build vs 5506.9K build last week
- US refinery utilization 0.10% versus 0.50% estimate
- US crude oil implied demand 19298 versus 18091 last week
The private data released near the end of day yesterday also saw a draw in oil and crude oil.
The price of crude was trading at $57.75 just before the release. The current price is up to $58.04 on the draw and moving above the Feb/March highs (at $57.82 and $57.88). Stay above those levels will have traders looking toward the 50% retracement at $59.63 (see chart below). The contract has been trading around the 100 day MA but over the last 3 days, the price has been moving away. Bullish.
