US commercial crude oil inventories dropped -9.9 million barrels in the week ending January 22. At 476.7 millions, oil inventories are about 5% above the five year average for this time of year. Gasoline inventories rose 2.5 million barrels. Distillate dropped -0.8 millions barrels. Propane/propylene inventories dropped -2.2 million barrels. Total commercial petroleum inventories dropped -11.7m barrels.
WTI crude oil stays in sideway consolidation from 53.92 and outlook remains bullish with 49.42 resistance turned support intact. The up trend from March’s spike low is expected to resume sooner or later, through 53.92.
