US commercial crude oil inventories rose 4.3m barrels in the week ending March 100, versus expectation of -1.8m barrels decline. At 451.9m barrels, oil inventories are about -12% below the five year average for this time of year.
Gasoline inventories dropped -3.6m barrels. Distillate rose 0.3m barrels. Propane/propylene dropped -2.2m barrels. Total commercial petroleum inventories dropped -3.6m barrels.
WTI crude oil in hovering in tight range at around 96 after the release. The pull back from 131.82 high was much deeper than expected. But still, it’s seen as developing into a corrective pattern for now. Selloff is slowing as it’s trying to draw support from 55 day EMA. There is prospect of a rebound from current level. Break of 105.24 minor resistance will indicate that a rebound is underway, back towards 131.82 high.
