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.
