WTI extends gains on bigger than expected weekly US oil storage draw
|The private inventory survey has shown a bigger tan expected draw and has helped WTI add to recent gains.
It is a huge draw of 5.1 mil vs 900k estimates.
- Crude -5.147.
- Cushing -1.17.
- Gasoline -3.297.
- Dist -5.61.
The price is now taking on the presume resistance around $42bbls.
Daily chart
The resistance would be expected to hold and offer a discount to the bulls on a presume retracement.
However, there are no signs that the bulls are about to throw in the towel yet.
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