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.

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. 

WTI after API data

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

 

 

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