- Crude oil 3.475M vs 2.305M estimate. Last 15.989M
- Distillates 0.429M vs -2.596M estimate. Last 0.252M
- Gasoline -1.704M vs 0.784M last week.
- Cushing 1.564M vs 0.881M last week.
The private data released late yesterday showed:
- Crude +5.6M
- Distillates +0.5M.
- Gasoline -3.3 million
- Cushing +1.5 million
Crude oil is trading lower on the day after failing to sustain yesterday’s rally. The price extended to just below $78 yesterday, but today’s rebound stalled at $77.23 before sellers stepped back in. The session low has reached $73.28, keeping the focus on nearby technical support levels.
On the downside, the 38.2% retracement of the move up from the February 26 low at $63.60 comes in at $72.49. Yesterday the price briefly dipped below that level but quickly snapped back higher, highlighting the importance of the area as a near-term support zone.
A sustained break and hold below the $72.49 level would shift the bias more to the downside. If that occurs, the next targets come in near $71.66, the low from yesterday’s U.S. session, followed by the 50% retracement and the 100-hour moving average, both of which converge near $70.79 and represent a key technical support cluster for traders.
