US commercial crude oil inventories rose 2.4m barrels in the week ending March 12, slightly below expectation of 2.8m barrels. At 500.8m barrels, inventories are about 6% above the five year average for this time of year. Gasoline inventories rose 0.5m barrels. Distillate rose 0.3m barrels. Propane/propylene dropped -0.2m barrels. Commercial petroleum inventories rose 3.6m barrels.
WTI crude oil is staying in consolidation from 67.83 for now. Outlook remains bullish as long as 59.17 support holds. The focus is on whether WTI could sustain above 65.43 structural resistance, to open the way to extend the medium term up trend to 76.75.
