US commercial crude oil inventories dropped -4.8m barrels in the week ending February 4. At 410.4m barrels, oil inventories are about -11% below the give year average for this time of year.
Gasoline inventories dropped -1.6m barrels. Distillate dropped -0.9m barrels. Propane/propylene dropped -1.9m barrels. Total commercial petroleum inventories dropped -8.1m barrels.
WTI crude oil recovers today after drawing support from 4 hour 55 EMA and near term channel support. It’s now back above 90 handle. Near term outlook stays bullish for now. Current rise from 62.90 is still in progress and break of 93.52 will target 61.8% projection of 82.42 to 93.52 from 88.66 at 95.51 next.
