The price of WTI crude oil futures are settling at $76.64. That’s down -1.23% or -1.58%.
The high-priced today reached $78.77. The low price extended to $76.64.
Technically, the price fell below its 100 and 200 day moving averages today at $77.94 and $77.38. Stay below each is more bearish.
Crude oil is below the 100/200 day MA
The move to the downside was aided by a sharp rise in oil inventories. They showed a huge build of 12.018M (vs 2.56M estimate). Although distillates and gasoline showed larger than expected drawdowns, it did not approach the build in the oil inventories.
Crude Oil Stocks:
- Actual: Increased by 12.018 million barrels
- Reuters Poll Forecast: Increase of 2.560 million barrels
- Prior Week: Increased by 5.521 million barrels
Distillate Stocks:
- Actual: Decreased by 1.915 million barrels
- Reuters Poll Forecast: Decrease of 1.600 million barrels
- Prior Week: Decreased by 3.220 million barrels
Gasoline Stocks:
- Actual: Decreased by 3.658 million barrels
- Reuters Poll Forecast: Decrease of 1.160 million barrels
- Prior Week: Decreased by 3.145 million barrels
