Down $0.08 for -0.18%
US crude oil futures are settling at $45.52. That is down $0.08 or -0.18%. The low price extended to $44.95. The high price reached $46.24.
The weekly inventory data out of the Department of Energy showed a huge 15.189M build in inventories. That compared to a expected drawdown of around 1.0 million and way above the private API data which also showed a build but only by 1.4M.
Technically, the price is closing between the 100 hour moving average at $45.79 and the 200 hour moving average of $45.37. At the low today, the contracted test a trendline on the hourly chart (see chart above) and found support buyers against that line.
Going forward a move below that trendline would be more bearish with $44.66 the next target followed by the 38.2% retracement of the move up from the November 15 low at $44.25 also a downside target.
On the topside a move back above the 100 hour moving average at $45.79 would take some of the bearishness out of the market.
