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The private inventory survey has shown a bigger tan expected draw and has helped WTI add to recent gains. 

It is a huge draw of 5.1 mil vs 900k estimates.

 

  • Crude -5.147. 
  • Cushing -1.17. 
  • Gasoline -3.297. 
  • Dist -5.61.

The price is now taking on the presume resistance around $42bbls. 

Daily chart

The resistance would be expected to hold and offer a discount to the bulls on a presume retracement. 

However, there are no signs that the bulls are about to throw in the towel yet.