Oil nears support
WTI crude oil is threatening $45.83, which is a level that has been tested three times, including yesterday.
Oil prices were at the highs of the day near $48.00 when weekly oil supply numbers hit. Since then, WTI has crashed to $46.17.
I wrote about the technical trade in oil yesterday.
Fundamentally, the inventory report showed a jump in imports, which reached the highest since December in the Gulf region.
The market had expected a draw in the 4-7 million barrel range but it was just 2.2m barrels with a small drawdown in gasoline as well.
Update: WTI crude briefly ticked below $45.83 to a low of $45.71.
