Wednesdays oil storage report (a 2.1 million bbl draw) is bullish for oil. I now expect oil storage level will continue to fall week after week, at least through June.
There is strong resistance level at $60 for WTI. A few closes above $60 should result in clear path to $70 for WTI.
Crude Oil Price
Crude Oil Price
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Crude Oil Price
May 13, 2015
CRUDE OIL INVENTORY/’000 bbls (Week Ended 5/8/15)
Current: 484,839
Actual Build/(Withdrawal): (2,191)
Economist Average Estimate: 25
Previous: 487,030
CRUDE OIL INVENTORY/’000 bbls (Week Ended 5/8/15)
Current: 484,839
Actual Build/(Withdrawal): (2,191)
Economist Average Estimate: 25
Previous: 487,030
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group