The data from the private survey ahead of official government oil stock data
The private data is being reported on twitter:
The DOE estimates for the inventory data to be released tomorrow show:
- Crude oil +3112.46K
- Gasoline -1878.92K
- Distillates -1448
There is no estimate for Cushing, but that is a huge build. Inventories last week showed a build of 1371K.
The price of crude oil is trading up at $66.49 despite the higher build. The price settled at $66.18. Looking at the hourly chart below, the 100 hour MA is at $66.91. The NY session high stalled against that level and sold off. A move above should be more bullish with the 200 hour MA at $67.71 another target.
