TECHNICAL ANALYSIS

Crude oil hits new high for the day ahead of inventory data


Bottom of the hour crude oil inventory

The price of WTI crude oil futures for April delivery hit a new session high of $ 62.93. It was just below yesterday’s high price of $ 63.

Technically, yesterday’s low price bounced off its 100-hour moving average. Today, the 100 hour moving average also held its support before the price started to move higher again (see the blue line in the chart below).

Crude oil inventory data will be released at the bottom of the hour. Private data showed a surprise build of 1.026 million barrels.

Estimation of private data
Estimate this for a draft of -6.5 M for crude oil. Gasoline inventories are expected to drop -3.5M. Distillates should show a drawdown of -4.0 M

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