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15 Feb 2017

WTI back below $53.00 post-EIA

Prices for the West Texas Intermediate has reverted the bullish attempt today, losing impetus in the vicinity of the $53.30 area.

WTI unchanged after EIA

Crude oil prices remained apathetic after the EIA’s report showed US crude oil supplies increased by more than 9.5 million barrels during last week, more than the 3.5 million build initially forecasted.

More data from the DoE saw Gasoline inventories rising over 2.8 million barrels while supplies at Cushing dropped by around 0.700 million barrels.

The greenback has surrendered part of its initial gains on the testimony by Chair Yellen, despite US CPI and Retail Sales have surpassed forecasts for the month of January, all somewhat limiting the pullback in WTI.

WTI levels to consider

At the moment the barrel of WTI is losing 0.41% at $52.98 and a breach of $52.75 (low Feb.15) would aim for $52.59 (55-day sma) and then $51.22 (low Feb.8). On the upside, the next hurdle is located at $53.90 (high Feb.13) followed by $54.13 (high Feb.10) and finally $54.34 (high Feb.2).

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