Oil Storage Report - March 1

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dan_s
Posts: 34648
Joined: Fri Apr 23, 2010 8:22 am

Oil Storage Report - March 1

Post by dan_s »

The EIA said crude inventories rose by 1.501 mn barrels after a rise of 564,000 barrels the previous week.
Crude inventories were forecast to rise by 3.079 mn barrels.
Gasoline stocks fell by 546,000 barrels after a fall of 2.628 mn barrels the previous week.
Gasoline inventories were expected to fall by 1.789 mn barrels.
Dan Steffens
Energy Prospectus Group
dan_s
Posts: 34648
Joined: Fri Apr 23, 2010 8:22 am

Re: Oil Storage Report - March 1

Post by dan_s »

Technical analysis: https://www.investing.com/analysis/crud ... -200177458

WTI has moved into a very tight trading range. The upward tilt to a tight wedge like this bullish, but it will be headline driven until we begin to see proof of OPEC production cuts in OECD inventory reports.

Demand for crude oil should increase by over a million barrels per day in April.
Dan Steffens
Energy Prospectus Group
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