- Crude oil inventory -4.306 million versus -2.051 million estimate
- Distillates +0.190 million versus -2.735 million estimate
- Gasoline -4.084 million versus -2.914 million estimate
- Cushing -1.702 million versus -0.648 million last week
The private data announced late yesterday showed:
- Crude oil -2.2M
- Distillates -0.3M
- Gasoline +0.5M
- Cushing -1.8M
The price of crude oil ahead of the release was trading at $103.38 up $1.17 or 1.15%. The current price is trading higher at $103.59 near the high for the day at $103.67. The price today has extended above the 61.8% retracement of the move down from the April 7 high to the April 17 low. That level comes in at $102.86. It is also a swing level going back to April (see red numbered circles on the chart below).
This article was written by Greg Michalowski at investinglive.com.
