US commercial crude oil inventories dropped -7.5m barrels in the week ending July 10. At 531.7m barrels, crude oil inventories are about 17% above the five year average for this time of the year. Motor gasoline inventories dropped -3.1m barrels. Distillate fuel inventories dropped -453k barrels. Propane/propylene inventories rose 3.5m barrels. Total commercial petroleum inventories dropped -9.3m barrels.
WTI crude oil continues to trade in range below 41.39 short term top, as well as 42.05 key resistance. The anticipated corrective fall hasn’t happened yet. But we’d still expect strong resistance from 42.05 to limit upside in any rally attempt. Break of 38.45 minor support should turn focus to 34.36 support. Break should confirm the start of the corrective fall.
