US crude oil settles at $78.63

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Crude oil futures are settling at $78.63. At up $0.61 or 0.80%.

The high price today reached $78.80. The low price was at $76.70. The low price traded to the lowest level since February 27 before bouncing higher. Technically the price is closing back above its 100-day moving average at $78.48. Despite moves above and below that moving average, momentum to the downside starts, but cannot be maintained.

Today, the inventory data showed a larger than expected drawdown in crude oil. That helped to reverse the trend back to the upside. Below are the results:

  • Crude -2508K vs -543K exp
  • Gasoline -235K vs +537K exp
  • Distillates -45K vs +824K exp
  • Production 13.1mbpd vs 13.1 mbpd prior
  • Refinery utilization +1.9% vs +0.7% exp

Prices edged higher immediately after the numbers.

The private data late yesterday also showed a large crude oil drawdown. Gasoline inventory levels also declined.

  • Crude -3104K
  • Gasoline -1269K
  • Distillates +349KJ
  • Cushing -601K

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