oil was just below the 200dma ahead of the release
WTI crude oil is trading just shy of $77 ahead of this week’s EIA inventory report at the bottom of the hour.
The consensus on the data:
- Crude -2440K
- Gasoline -1577K
- Distillates +460K
The API data released late yesterday:
- Crude -797K
- Gasoline -2800K
- Distillates -100K
After the API data, you would expect the market to be positioned lower than the consensus. Technically, last week’s high of $77.33 offers resistance, along with the 200-day moving average at $77.24.
Oil hasn’t traded above the 200-dma since August of last year.