WTI crude oil breaks to highest level since November 2022
The price of WTI crude oil is trading up $2.27 or 2.51% at $92.65. The high price reached $92.72 which is the highest level since November 7.
Looking at the hourly chart above, the price moved above the swing high from September 19 at $92.43. Staying above is more bullish.
Yesterday the low price bottomed at $80.19. At that price, the price tested a key swing area between $88.07 and $88.37 (see yellow area on the chart above). Support buyers came in in that area and pushed the price higher breaking above the 100 and 200-hour moving averages in the process.
Fundamentally, durable goods orders showed better-than-expected strength. Concerns about supplies or also helping to push the price higher.
After breaking the 200-hour moving average the price based against the 200-hour moving average before extending to the upside.
Up ahead at the bottom of the hour, the EIA weekly inventory data will be released. The expectations shall:
- Crude oil inventory is expected to decline by -0.320 million barrels, compared to a previous decrease of -2.135 million barrels and a private report showing an build of +1.6 million barrels.
- Distillate inventory is expected to decline by -1.298 million barrels, compared to a previous decrease of -2.867 million barrels and a private report showing a drawdown of -1.7 million barrels.
- Gasoline inventory is expected to decline by -0.120 million barrels, compared to a previous decrease of -0.831 million barrels and a private report showing a decrease of -0.1 million barrels.
- Refining capacity is expected to decrease by -0.4%, improving from a previous decrease of -1.8%.
- Cushing inventory data showed a previous decrease of -2.064 million barrels, with a private report indicating a decrease of -0.8 million barrels.
- Previous data on production levels was at 12.9 million barrels per day.