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Crude Oil (April)
Yesterday’s close: Settled at 56.22, down 0.34
Fundamentals: Crude Oil is playing out exactly as we have been expecting, more technical than ever. Price action is contained within major three-star support and resistance; detailed in the ‘Technical’ section below. Yesterday’s EIA inventory report was certainly headline bearish, but when you diver deeper into the data, not so much. Yes, Crude Oil inventories grew by 7.069 mb and those at Cushing, Oklahoma by 873,000. However, much of this was offset by a draw in the products combined for 6.62 mb. Furthermore, we did see imports bounce back firmly by over 1 million per day which contributed to the bloating in Crude. Furthermore, there was no increase in production from the lower 48 states. Overall, Crude is bouncing back this morning as it remains rangebound.
Technicals: Our major three-star resistance comes in at 57.05-57.35 and Crude Oil has been unable to close out above here, although it has traded as high as 57.88; a close above the three-star should signal a breakout. Yesterday, price action could not pierce though and close below major three-star support at 55.44-55.75; a move back below 56.43 will again give the bears a shot. Ultimately though, this market is rangebound and traders can continue to capitalize on such.
Resistance: 57.05-57.35***, 57.69-57.88*, 58.16-58.35**, 59.63***
Support: 55.44-55.75***, 54.71-54.76***, 53.51-53.98***
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