US commercial crude oil inventories rose 5.7m barrels in the week ending July 3, versus expectation of -3.2m. At 539.3m barrels, inventories are about 18% above the five year average for this time of the year. Motor gasoline inventories dropped -4.8m barrels. Distillate fuel inventories rose 3.1m barrels. Propane/propylene inventories rose 2.2m barrels. Total commercial petroleum inventories rose 9.8m barrels.
WTI crude oil is steadily in range after the release. We’d continue to expect limited upside on loss of upside moment, as seen in 4 hour MACD. Strong resistance should also be seen fro 42.05 key support turned resistance. On the downside, break of 36.87 support will confirm short term topping and bring deeper fall to 34.36 support and below.
