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  • The American Petroleum Institute reports a draw of 2.048mln in the latest weekly data.
  • WTI trades 0.47% lower and there has been little reaction to the API data.

API stats

In the latest weekly API inventory data, the crude stockpiles rose around 2million barrels and storage levels at Cushing Oaklahoma also rose 2.219mln barrels. Gasoline and distillates produced a draw of 1.825mln and 847K respectively. This is in stark contrast to last weeks massive crude draw of 8.156mln. Tomorrow the latest DoE inventory figures could re-enforce the (API) data but the market is expecting a draw of 3.114mln. 

WTI 4-hour chart

WTI has been steadily rising in recent weeks but the USD 40 per barrel mark has been very sticky over the last couple of days. The market recently broke through the psychological zone but it could be a support level in the coming session(s). On the downside, if the price breaks the black trendline then there could be lower levels ahead. But on the upside, the red resistance line at USD 41.64 per barrel is the target for the bulls. 

WTI after API data

Additional levels