- Crude oil build of +7.070 million versus estimate of -2.071 million
- Gasoline drawdown of -2.658 million versus estimate of -1.486 million
- Distillates versus drawdown of -0.825 million versus estimate of -1.486 million
The private data anticipated a crude oil build near that level:. The other levels for gasoline and distillates were also close to the private data.
Crude oil is currently trading at $67.86, little changed from pre-release levels. From a technical standpoint, the price remains below the 200-day moving average, which sits at $68.37. Both yesterday and today, oil has traded on either side of this key level, but notably closed below it in the prior session.
A sustained close above the 200-day moving average would be needed to shift the technical bias more firmly in favor of the bulls. Until then, the upside remains technically limited.
