Sun, Dec 05, 2021 @ 17:02 GMT
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US oil inventories rose 1m barrels, more downside still expected in WTI

US commercial crude oil inventories rose 1m barrels in the week ending November 19, versus expectation of -1.7m fall. At 434.0m barrels, oil inventories are around -7% below the five year average for this time of year.

Gasoline inventories dropped -0.6m barrels. Distillate dropped -2.0m barrels. Propane/propylene dropped -1.0m barrels. Total commercial petroleum inventories dropped -6.0m barrels.

WTI crude oil is losing some downside momentum after hitting 75.53. But there is no clear sign of bottoming yet. As long as 80.32 resistance holds, it’s still more likely to extend the correct from 85.92 to 61.8% retracement of 61.90 to 85.92 at 71.07 before completion.

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