Oil nears the 200-day moving average ahead of the weekly EIA inventory report

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WTI crude oil is trading just shy of $77 ahead of this week's EIA inventory report at the bottom of the hour.

The consensus on the data:

  • Crude -2440K
  • Gasoline -1577K
  • Distillates +460K

The API data released late yesterday:

  • Crude -797K
  • Gasoline -2800K
  • Distillates -100K

After the API data, you would expect the market to be positioned lower than the consensus. Technically, last week's high of $77.33 offers resistance, along with the 200-day moving average at $77.24.

Oil hasn't traded above the 200-dma since August of last year.



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