- Crude oil inventories saw a surprise build of 3.254M vs an expected drawdown of -0.154M estimate.
- Distillates build of 2.668 million vs. 1.591 million estimate
- Gas build of 5.825M vs expectations of -0.357M estimate
- Cushing build of 0.316M vs. previous build of 0.069M
- refinery utilization 0.400% vs. expected 0.3%. Previously -0.5%
- crude production 12.0 million vs. 12.1 million last week
Crude stocks in the strategic petroleum reserve (SPR) declined to the lowest since 1983.
The price of WTI crude oil is trading at $95.50. That's up about $0.25 or so on the day. The low price reached $93.69. The high price was up at $97.32. The low price today moved below its 200 day moving average at $93.98. However momentum could not be sustained. The low price from April 11, 2022 reached $92.96. That level will also be a target on further downside momentum.
For now, the tested the 200 day moving average seems to have attracted short-term buyers, but the upside is still somewhat limited.
The price of WTI crude oil tested its 200 day MA today