US commercial crude oil inventories rose 2.4m barrels in the week ending January 21. At 416.2m barrels, oil inventories are about 8% below the five year average for this time of year. Gasoline inventories rose 1.3m barrels. Distillate dropped -2.8m barrels. Propane/propylene dropped -4.6m barrels. Commercial petroleum rose 4.1m barrels.
WTI crude oil resumes recent up trend today and hits as high as 88.16 so far. Next target will be 90, which is a psychological level to overall. Sustained break there would pave the way to 61.8% projection of 66.46 to 87.70 from 82.42 at 95.54. In any case, outlook will now stays bullish as long as 82.42 support holds, in case of retreat.
