Crude Oil Hesitating at the 200 SMA, As Economic Uncertainties Increase

US WTI Oil Daily Chart – The 200 SMA Holding As Resistance

Crude Oil stalling after the surge over the weekend

Weekly US Petroleum Inventory from the EIA for April 5, 2023

• Weekly EIA crude oil inventories -3,739K vs -2,329K expected
• Prior week inventories were -7,489K
• Gasoline -4,119K vs -1,729K expected
• Distillates -3,632K vs -396K expected
• Refinery utilization -0.7% vs +0.3% expected
• Cushing -970K vs -1632K prior

API data released late yesterday showed:

• Crude -4,346K
• Gasoline -3,970K
• Distillates -3,693K

WTI is modestly higher on the data, which confirms the tightness in the API data. We’re not into the seasonal drawdown period yet so these are some meaningful pulls but come after a long period of huge builds and confidence in the data overall is low.

WTI