Get ready. EIA data will be released at 10:30 AM ET. Crude oil bias is bearish. | investingLive
The EIA weekly oil inventory data will be released at 10:30 AM today.
The private data was released late yesterday. They showed:
- Crude oil +1.5M
- Distillates +300,000
- Cushing -600,000
The estimates are looking for:
- Crude oil -0.275M
- Distillates +0.725M
- Cushing last week came in at 0.453M
Crude oil is trading at $63.03, down -$0.14. The price yesterday settled at $63.17.
Technically, The price has moved below the 100-hour MA (blue line on the chart above) at $64.78. That level – and the swing area between $63.61 and $65.27 – I consider the risk and bias defining level in the short term. Stay below that area, keeps the sellers in firm control in the short term at least. Moving back above that area, would disappoint the sellers on the technical break lower.