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Crude Oil shrugs off API stocks buildup, etches in another gain on Tuesday

WTI climbed back above $80.00 on Tuesday as bullish recovery continues.
Hopes of a summertime uptick in demand are bolstering Crude Oil bets.
Energy traders are shrugging off another barrel buildup in API Crude Oil barrel counts.

Joshua Gibson FXStreet

West Texas Intermediate (WTI) US Crude Oil broke decisively above $80.00 per barrel on Tuesday as barrel traders shrugged off another build-up in American Petroleum Institute (API) Weekly Crude Oil Stocks. Energy markets are betting on an upswing in fossil fuel demand heading into summer to sop up extra supply throughout global Crude Oil markets, even as the Organization of the Petroleum Exporting Countries (OPEC) and its extended network of non-member ally states, OPEC+, prepares to axe voluntary production cuts that were meant to support Crude Oil prices and crimp global supply.

According to the API, US Weekly Crude Oil Stocks rose 2.264 million barrels for the week ended June 14, clamping down on the previous week’s -2.428 million barrel drawdown. Distillate Stocks also rose 538K barrels, though Gasoline Stocks Change declined 1.077 million barrels, though significantly less than the previous week’s -2.549 million barrel drawdown. Investors with a calculator nearby will note that this week’s 2.264 million barrel addition to API weekly counts brings the supply overhang of US Crude Oil to over 17 million barrels since the first week of January 2024.

Geopolitical turmoil continues to attack a fear premium to Crude Oil markets after a Ukranian drone strike successfully ignited a Russian fuel tank facility this week, and Israel-Palestinian tensions continue to simmer. Coupled with ambiguous hopes of a summertime uptick in demand, energy markets are shrugging off bearish factors, like US Crude Oil overproduction and disappointing Chinese demand figures last week.

WTI technical outlook

US Crude Oil is accelerating into bullish territory as WTI pushes off rising technical support from the last notable swing low into $72.50. WTI crossed over $80.50 on Tuesday to test $80.70 as barrel traders push prices higher in a bid to capture previously lost territory.

This week’s bullish push in WTI has sent US Crude Oil above the 200-day Exponential Moving Average (EMA) at $78.86. WTI has also cracked a descending trendline drawn from 2024’s peak bids near $87.00, and a failed push higher could drag WTI bids back down to the $76.00 region.

WTI hourly chart

WTI daily chart

WTI US OIL

Overview
Today last price	80.71
Today Daily Change	0.78
Today Daily Change %	0.98
Today daily open	79.93

Trends
Daily SMA20	77.15
Daily SMA50	79.58
Daily SMA100	79.28
Daily SMA200	79.15

Levels
Previous Daily High	79.97
Previous Daily Low	77.56
Previous Weekly High	78.98
Previous Weekly Low	75.03
Previous Monthly High	81.25
Previous Monthly Low	76.04
Daily Fibonacci 38.2%	79.05
Daily Fibonacci 61.8%	78.48
Daily Pivot Point S1	78.34
Daily Pivot Point S2	76.74
Daily Pivot Point S3	75.92
Daily Pivot Point R1	80.75
Daily Pivot Point R2	81.57
Daily Pivot Point R3	83.17

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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