July Crude Oil rallied today as traders ignored a stronger US dollar and indications that Canadian and Libyan supply disruptions are ending. Price traded to 48.93 before settling at 48.62 as traders waited for an expected bullish API report to come out. Expectations were for the report to show a decline of 2 million barrels. The report showed a decline of 5.14 million barrels, the largest decline for the year and Cushing inventories declined by 189,000 barrels, smaller than the 400,000 barrel decline expected. Gasoline inventories showed a huge build of 3.06 million barrels, much better than the 1.5 million barrel decline expected. Crude spiked higher on the report trading to 49.27 before ending the day at 49.10. The EIA report is due tomorrow morning and traders are looking for a decline of 2.8 million barrels.
CLH16
High - 49.27
Low - 47.64
Last - 49.10
Daily Pivots for 5/25/16:
R2 50.30
R1 49.70
PIVOT 48.67
S1 48.07
S2 47.04