Prior week draw -7564K
Another large draw in crude oil inventories.
- Crude oil -4727K vs -3500K est
- Gas -4445K vs -1300K est
- Cushing -23K. No estimate.
- Distillates -2137K vs 1200K estimate.
- Refinery utilization -0.50% vs 0.30% est
- US production up to 9.43M barrels per day up
The price of crude oil has moved higher after the report with the price moving up to a high or $47.12 (currently at $47.03).
The USDCAD is moving to new session lows as well.
Looking at the hourly chart below the pair stalled at trend line resistance at the day highs. The low from yesterday (and lowest level since May 2016) is being tested at 1.2580. The technical dynamics remain the same....get above the trend line and the 100 hour MA (blue line in the chart below and we can talk about a low in place. Until then, the sellers remain in control.
