The private oil inventory data released late yesterday showed another drawdown in crude oil stocks. Gasoline, distilates and Cushing all showed drawdowns as well:
The EIA numbers are now out showing:
Crude oil drawdown of -3.741M vs drawdown of -1.583M estimateDistilates drawdown of -2.753M vs build of +0.249M estimate. Gasoline drawdown of -5.572M vs drawdown of -0.391M estimate
The drawdowns continue.
Crude oil is trading higher at $77.71. Just prior to the release, the price was at $77.37 up $0.41 or 0.53%.
Technically, the price needs to get above its 200 day moving average at $78.73 increase the bullish bias.
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This article was written by Greg Michalowski at www.forexlive.com.
