Crude oil inventories increase by 5.946M barrels vs 0.483M estimate

<ul><li>Crude oil sees a build of 5.946M versus 0.483M estimate</li><li>gasoline inventories draw of -0.003M versus a drawdown of -0.727M estimate</li><li>Distilates inventories see a build of 4.815M versus a expected draw of -0.262M estimate</li></ul><p>In late NY session news yesterday, the private API inventory data hinted of a build:</p><ul><li>Crude build of 3.026 million. The expectations for EIA data today are for a build of 0.483M</li><li>Gasoline build of 1.004 million. The expectations for EIA data today are for a drawdown of -0.727M</li><li>Distillates build of 2.908 million. The expectations for EIA data today are for a drawdown of -0.262M</li></ul><p>The price of WTI crude oil is still trading up $0.70 or 0.92% at $75.54. However that price is off the high of the day at $76.08. The low for the day was at $74.67. </p><p>The price trades above its 100-day moving average at $73.71, but below its 200-day moving average of $77.34. The price is not closed above its 200-day moving average since the end of August 2022.</p>

This article was written by Greg Michalowski at www.forexlive.com.