The weekly EIA inventory data will be released at the bottom of the hour. The estimates show:
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Crude: -0.552M barrels vs. previous +7.07M
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Distillate: +0.199M barrels vs. previous -0.825M
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Gasoline: -0.952M barrels vs. previous -2.658M
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Cushing: +0.464M barrels vs. previous 0.464M
The private data released late yesterday showed:
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Crude: +0.8M
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Distillate: +1.8M
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Gasoline: +1.9M
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Cushing: -0.1M
Crude oil is trading down $0.80 at $65.70. The high price reached near $67. The low price was near $65.60. On the downside, the 100 day moving average comes in at $65.08. Moving below that moving average again would tilt the bias more to the downside make technical perspective. There is also a swing area between $63.97 and $64.63 (see red numbered circles on the chart below). Moving below that level would put the price in the lower extreme for 2025. The low price was near $55.15
This article was written by Greg Michalowski at www.forexlive.com.