US commercial crude oil inventories rose 0.1m barrels in the week ending April 23. At 493.1m barrels, oil inventories are at the five year average for this time of year. Gasoline inventories rose 0.1m barrels. Distillate dropped -3.3m barrels. Propane/propylene rose 0.5m barrels. Total commercial petroleum inventories dropped -1.6m barrels.
WTI rebounded strongly after hitting 60.62 earlier this week. Today’s breach of 64.34 suggests that choppy rebound form 57.31 is resuming. But after all, the structure still suggests that it’s the second leg of the corrective pattern from 67.83. Hence, while strong rise might be seen, up side should be limited by 67.83 high. Meanwhile, break of 60.62 will extend the corrective pattern with another falling leg, towards 57.31 support.
