US SPR reserves lowest level since 2003
The price of crude oil push marginally higher after the inventory data, but after a report that the US SPR reserves fell by 3.2M barrels, the price started to rotate further to the downside. The US strategic petroleum reserves are at the lowest level since 2003.
The contract is currently trading near $79.45. That's down -1.6% on the day.
Looking at the hourly chart, the recent high prices stalled near the 100/200 hour moving averages (blue and green lines. The price is currently down testing a lower swing area near $79.33. Move below and the swing low from the November 4 at $78.24 becomes the next target.
The 38.2% retracement of the move up from the August 23 low cuts across at $76.35. Ultimately if the prices to start to attract more sellers, getting below the 38.2% retracement is the minimum retracement target.