US commercial crude oil inventories rose 1.1m barrels in the week ending February 11. At 411.5m barrels, oil inventories are about -10% below the five year average for this time of the year.
Gasoline inventories dropped -1.3m barrels. Distillate dropped -1.6m barrels. Propane/propylene dropped -5.9m barrels. Total commercial petroleum inventories dropped -9.9m barrels.
WTI crude oil is back above 94, as it rebounded after drawing support from 4 hour 55 EMA, as well as near term rising channel support. The development maintains near term bullishness and focus is now back on 95.98 resistance. Break there will resume near term up trend to 100% projection of 82.42 to 93.52 from 88.66 at 99.76 next. IN any case, outlook will now stay bullish as long as 90.80 support holds.
