US commercial crude oil inventories rose 1.3m barrels in the week ending February 19, versus expectation of -6.5m barrels fall. At 463.0m barrels, oil inventories are around 0% below the five year average for this time of the year. Gasoline inventories were virtually unchanged. Distillate inventories dropped -5.0m barrels. Propane/propylene inventories dropped -5.2m barrels. Total commercial petroleum inventories dropped -13.8m barrels.
WTI crude oil shrugs off the data and continues with recent up trend. Current is expected to continue as long as 58.57 support holds. Next target is 65.43 key long term structural resistance.
