Crude Oil Price

[dan_s]

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.

[dan_s]

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