Crude oil futures settle at $86.21

Crude oil futures are settling at $86.21. That’s up $0.98 or 1.15% on the day.

Crude oil bounces back above 100 hour moving average

The high price for the day has reached $86.32. The low price was at $84.58. The price is settling near the high for the day.

Looking at the hourly chart, the low price extended just below the swing low from April 4 at $84.61 before bouncing higher. The last surge is also taking the price back above its 100 hour moving average at $86.07. Staying above that moving average would be more bullish from a technical perspective.

The weekly inventory data was released earlier today

  • Crude oil showed a build up +5841K versus 2366K expected
  • Gasoline +715K vs -1320K expected
  • Distillates +1659K vs -1153K expected
  • Production 13.1 mbpd vs 13.1 mbpd prior
  • Implied mogas demand: 8.61 Mbpd vs 9.24 Mbpd prior

API data released late yesterday:

  • Crude +3034K
  • Gasoline -609K
  • Distillates +120K

Oil initially fell 40 cents on the data but quickly pared the declines

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