Crude oil futures are settling at $58.95. That’s up $0.31 or 0.53%. The high price reached $59.64. The low price was at $58.37.
The EIA weekly inventory data showed larger than expected builds:
- Crude oil 0.574 million versus -0.821 million estimate.
- Distillates +2.059 million versus +0.707 million estimate.
- Gasoline 4.518 million versus 1.468 million estimate.
Technically, the price trading mostly above its rising 100 hour moving average at $59.07, but is settling below that level. The 200 hour moving average comes in at $58.65 and represents a target on the downside that would need to be broken to give the sellers more control.
With inflation a problem for the Trump administration, keeping will prices lower will likely be a prerogative.
What would give the buyers more control. There is a downward sloping trendline which cuts across near $59.82. Above that getting above and staying above $60 would be a key barometer as well for buyers and sellers at least in the short term.
