- Crude oil drawdown of -0.961 million versus 1.205 million build expected.
- Distillates drawdown of -1.479 million versus an estimated drawdown of -1.933 million.
- Gasoline drawdown -2.147 million versus an estimated drawdown -0.809 million.
Late yesterday the private data showed:
- Crude oil a drawdown of -3.0M.
- Distillates a drawdown -1.0 million.
- Gasoline a drawdown -0.2 million
The price of crude oil is trading up $1.28 at $58.52. The high price today reached $58.82. The low price was at $57.34. The low price from last week extended to $55.96 before bouncing higher.
The White House yesterday said that they would be purchasing 1 million barrels for the strategic petroleum reserve. That was confirmed today by the energy secretary Wright. Wright added that it is a “great time to buy oil”.
Looking at the hourly chart, the price is trading back above its 200 hour moving average at $58.32. There is a swing area target on the topside of $59.78 to $60.10. The 38.2% retracement of the move down from the September 26 high comes in at $59.96 within that swing area target.
This article was written by Greg Michalowski at investinglive.com.