US crude oil inventories dropped -10.6m barrels, WTI shrugs and stays in right range
US commercial crude oil inventories dropped -10.6m barrels in the week ending July 24, versus expectation of 1.0m barrels rise. At 526.0m barrels, crude oil inventories are about 17% above the five year average for this time of the year. Gasoline inventories rose 0.7m barrels. Distillate fuel rose 0.5m barrels. Propane/propylene rose 2.0m barrels. Commercial petroleum dropped -6.5m barrels.
WTI crude oil is steadily in range after the release. We’d still expect strong resistance from around 42.05 to limit upside to bring correction. Break of 38.45 support will confirm short term topping and bring deeper decline to 55 day EMA (now at 37.90, and below.
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