EIA weekly crude oil inventories -1.725M vs expectations of a build of 1.380M | Forexlive
Weekly EIA inventory data:
- crude oil inventory draw of -1.725M vs an expected build of 1.380M
- gasoline a draw of -0.114M vs. an expected draw of -1.114M
- distillates a build of 0.124M vs. an expected draw of -2.167M
- refinery utilization -0.4% vs. -0.3% estimate
The private data estimates from last night showed crude oil inventories declining and gasoline inventories declining.
The price of WTI crude oil futures for November are trading at $83.63. The settle price yesterday was at $82.82. The high price today reached $84.47 while the low price moved to $82 and and $0.61.
On the downside, there is a support near $82.08 – $82.40. On the topside, the 50% midpoint of the range since the September 22 low to the October 10 high comes in at $84.93. Above that is the falling 100 hour moving average at $86.04. The price has been using the 100 hour moving averages topside resistance since October 11. Tests of the 100 hour moving average has found willing sellers (see blue line in the chart below).