API inventory data produces a build of 2 million but there is a draw in gasoline stocks

The American Petroleum Institute reports a draw of 2.048mln in the latest weekly data.
WTI trades 0.47% lower and there has been little reaction to the API data.

Rajan Dhall, MSTA FX Daily

API stats

In the latest weekly API inventory data, the crude stockpiles rose around 2million barrels and storage levels at Cushing Oaklahoma also rose 2.219mln barrels. Gasoline and distillates produced a draw of 1.825mln and 847K respectively. This is in stark contrast to last weeks massive crude draw of 8.156mln. Tomorrow the latest DoE inventory figures could re-enforce the (API) data but the market is expecting a draw of 3.114mln.

WTI 4-hour chart

WTI has been steadily rising in recent weeks but the USD 40 per barrel mark has been very sticky over the last couple of days. The market recently broke through the psychological zone but it could be a support level in the coming session(s). On the downside, if the price breaks the black trendline then there could be lower levels ahead. But on the upside, the red resistance line at USD 41.64 per barrel is the target for the bulls.

Additional levels

WTI

Overview
Today last price	40.48
Today Daily Change	-0.18
Today Daily Change %	-0.44
Today daily open	40.66

Trends
Daily SMA20	38.98
Daily SMA50	33.46
Daily SMA100	33.28
Daily SMA200	44.89

Levels
Previous Daily High	41.14
Previous Daily Low	40.23
Previous Weekly High	40.8
Previous Weekly Low	37.6
Previous Monthly High	41.65
Previous Monthly Low	34.45
Daily Fibonacci 38.2%	40.79
Daily Fibonacci 61.8%	40.58
Daily Pivot Point S1	40.21
Daily Pivot Point S2	39.77
Daily Pivot Point S3	39.3
Daily Pivot Point R1	41.12
Daily Pivot Point R2	41.59
Daily Pivot Point R3	42.03

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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