The EIA has just released its weekly report on crude inventories. Following a sharp drop showed by the last report (-7.99 mb), US crude inventories fell once again. However, this time the decline was much smaller as crude inventories declined by merely 0.43 million barrels. Meanwhile, the consensus estimate anticipated that the drop would amount to 2.8 million barrels.
-
Oil inventories: -0.43 mb (expected: -2.8 mb)
-
Gasoline inventories: +0.38 mb (expected +0.6 mb)
-
Distillate inventories: -1.73 mb (expected: -1.1 mb)
OIL.WTI did accelerate today, climbing above $66.30 a barrel. However, the market changed the direction following the EIA’s data with oil prices tumbling almost half a percent. This does not change the fact that buyers are currently trying to regain control thus climbing back above $66.30. Should the upward momentum continue, the critical resistance may be found just slightly below the $68 mark (early-March highs). Source: xStation5
