US commercial crude oil inventories rose 0.6m barrels in the week ending April 16, versus expectation of -3.7m barrels. At 493m barrels, oil inventories are about 1% above the five year average for this time of year. Gasoline inventories rose 0.1m barrels. Distillate fuel inventories dropped -1.1m barrels. Propane/propylene inventories dropped -0.1m barrels. Commercial petroleum inventories rose 3.6m barrels.
WTI crude oil formed a temporary top at 64.34 earlier this week and retreated. The structure of the recovery from 57.31 to 64.34 argues that correction from 67.83 may not be completed yet. Sustained trading below 4 hour 55 EMA will bring retest of 57.31 support. On the upside, though, break of 64.34 will bring retest of 67.83 high.
