US commercial crude oil inventories rose 1.2m barrels in the week ending June 12. At 539.3m barrels, oil inventories are about 15% above the five year average for this time of the year. Motor gasoline inventories dropped -1.7m barrels. Distillate fuel inventories dropped -1.4m barrels. Propane/propylene inventories rose 2.7m barrels.
XTI/USD is steady in range after the release. For now, further rise could still be seen as long as 31.23 near term support holds. But, considering loss of momentum as seen in daily MACD, upside should be limited by 42.05 support turned resistance to bring near term reversal. Break of 31.23 support will confirm short term topping and bring deeper pull back.
