Crude oil inventory at the bottom of the hour
the price of WTI crude oil futures for April delivery moved to a new session high of $62.93. That was just short of the high price yesterday at $63.
Technically, the price low yesterday bounced off its 100 hour moving average. Today the 100 hour moving average also held support before the price started to rotate back to the upside (see blue line in the chart below).
The crude oil inventory data will be released at the bottom of the hour. The private data showed a surprise build of 1.026 million barrels.
The estimate this for a drawdown of -6.5M for crude oil. Gasoline inventories are expected to show a drawdown of -3.5M. Distillates are expected to show a drawdown of -4.0M
