US commercial crude oil inventories rose 21.6m barrels in the week ending February 26, versus expectation of -1.3m barrels decline. At 484.6m barrels, crude oil inventories are about 3% above the five year average for this time of year. Gasoline inventories dropped -13.6m barrels. Distillate inventories dropped -9.7m barrels. Propane/propylene inventories dropped -2.2m barrels. Total commercial petroleum inventories dropped -2.8m barrels.
WTI crude oil is staying in consolidation from 63.70 and more sideway trading could be seen. Though, as it’s staying above 58.57 support, and well inside near term rising channel, another rise remains in favor. Break of 63.70 will extend the up trend to 65.43 medium term structural resistance. However, break of 58.57 will bring deeper correction back to 55 day EMA (now at 54.82).
