Crude oil inventories build 19.2 million. The price still flirting with $20
- crude oil inventory build reached 19.248 million vs 12.7 million estimate. It was the largest weekly build on record. The private API data showed a build of 13.143M barrels
- gasoline inventories showed a build of 4.914M
- distillates showed a build of 6.28M
- Cushing OK crude oil build 5.724M vs 6.417M last week
- Gasoline demand remains depressed at 5836.4 (vs 5834.0)
- Crude oil demand 15.320M vs 16.106M last week.
- crude oil 13.143M
- gasoline 2.226M
- distillates 5.64M
- Cushing 5.361M
I was showed a potential reversal in my analysis from April 13. from the lowest point at aprox current level of $20. The low from March 30. were at 19.24. today the low is 19.24 for now, but the current oil inventories data from yesterday and today don’t give much hope for such a move. If the sellers continue to push the price down, next target could be at $17.50 or even $16.00 easy in the coming days. For now, the floor above $19 is holding, but can it last in such a conditions? I am not bearish at the moment, despite the bad data, but will wait to see how the things could developed here. I know it’s not good to catch a falling knife, but I am searching for the opportunity to placed my swing long somewere around. One important thing is that, the new June contract should be with much higer price and we should wait as see until rollover. Be very carefull!