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  • Weekly API inventories produced a draw of 6.829mln in Crude. 
  • There was a Cushing build of 1.144mln, Gasoline build of 1.083mln and Distillate also increased by 0.187mln.

WTI 30 min chart

WTI has barely moved after the latest American Petroleum Association weekly report recorded a draw of 6.829mln barrels. This is much better than last weeks build of 7.544mln barrels but not as large of a draw as the result two weeks ago of -8.322mln. 

The spot WTI price is still holding the USD 41.00 per barrel support area and the next resistance is at the green line at USD 41.40 per barrel. The bulls could be aiming for the resistance levels beyond that point at USD 42.00 and the high from 21st July at USD 42.49 per barrel. 

Tomorrow the market will get the latest Department of Energy weekly numbers with the analyst forecast holding at -0.357mln. As today’s API inventory numbers produced a bigger draw than expected maybe some of those guesses will be revised.

API Build

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