US commercial crude oil inventories rose 3.3m barrels in the week ending October 29, above expectation of 1.9m. At 434.1m barrels, oil inventories are about 6% below the five year average for this time of year. Gasoline inventories dropped -1.5m barrels. Distillate rose 2.2m barrels. Propane/propylene rose 0.4m barrels. Commercial petroleum inventories rose 0.6m barrels.
WTI crude oil is staying in consolidation from 85.92 for the moment. Such consolidation should be relatively brief as long as 81.04 support holds. Break of 85.92 will resume larger up trend to 61.8% projection of 33.50 to 77.16 from 61.90 at 88.88. However, break of 81.04 will bring deeper correction to 55 day EMA (now at 77.12) before up trend resumption.
