Bearish Crude Oil Numbers See Slide

April 5, 2017 1:34PM CDT

Today’s EIA report showed that crude oil inventories rose 1.57 million barrels, distillate inventories fell 536,000 barrels, and gasoline inventories fell 617,999 barrels.  The bearish oil numbers dictated the move across the board in the energy markets as they all fell in tandem.  May crude futures have bounced nearly $5 per barrel from its March 22 low of $47.01.  The $52 to $53 area should be stiff resistance barring any geopolitical disruptions, as the level denotes prior support from early December through early March.  May crude got as high as $51.88 this morning, prior to the release of the EIA report at 9:30am central.  Seasonally, energies are a buy until early May, but have had a good run to the upside as is, and are approaching strong resistance.  

 

May Crude Light Daily Chart


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