WTI stronger, tests $44.80 post-EIA

Pablo Piovano FXStreet

Crude oil prices have quickly faded the post-EIA spike to the $44.80 region today, with the West Texas Intermediate quickly returning to the current $44.50/40 band.

WTI bid on EIA’s report

Prices for the WTI are trading on a better mood on Wednesday after the EIA reported US crude oil supplies rose marginally by 0.118 million barrels during the week ended on June 23 vs. a forecasted drop of nearly 2.6 million barrels.

Additional information from the report saw gasoline inventories dropping by 0.894 million barrels and supplies at Cushing decreasing by 0.297 million barrels.

WTI has now reverted the initial negative sentiment and is extending its weekly rally to the mid-$44.00s for the time being, up for the fifth consecutive session.

WTI levels to consider

At the moment the barrel of WTI is gaining 0.52% at $44.47 and a break above $44.74 (spike Jun.28) would aim for $45.06 (high Jun.19) and then $45.13 (20-day sma). On the other hand, the next support is located at $42.05 (2017 low Jun.21) followed by $41.10 (low Aug.11 2016) and finally $39.19 (low Aug.3 2016).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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