Expectations:
- Crude oil -1.960 million.
- Distillates +0.824M
- Gasoline +0.853 million
The private data released late yesterday showed:
Crude oil is trading at $66.50 up $1.51 or 2.34%. The price is above its 100-day moving average for the first time since April 3 (blue line on the chart below). The last time the price broke above the 100-day moving average, the momentum faded ahead of the 200-day moving average (green line on the chart below). The break could only last two days before gapping below and moving sharply lower.
This article was written by Greg Michalowski at www.forexlive.com.
