- Crude oil showed a large and expected drawdown of 1.362M vs expectations of -1.066M
- Gasoline showed a unexpected build of 0.915M vs expected -1.255M drawdown
- Distilates showed a build up 0.560M vs an expected drawdown of -1.098M
- Cushing showed a build of 1.880M vs last week’s build of 1.089M
For your guide, the private data released after the close yesterday showed:
API private inventory data
The price of crude oil is trading down -$0.26 at $78.09. The low price today reached $76.92, while the high price was at $78.36.
Crude oils 100 day moving average is currently at $78.21. The price today has spent most of the day below that moving average level. The 50% midpoint of the move up from the December low is also in play at $77.67.
The current price is between the 50% midpoint and the 100-day MA.
Crude oil is mostly below the 100 day MA