Crude oil inventory for the current week build 4.070M vs estimate 3.028M

February 12, 2025 at 03:30PM

Prior week oil inventory build 8.664M

Crude oil inventory buildup 4.070M versus 3.028M estimate

Gasoline drawdown of -3.035M versus estimate of a build of 1.403M

Distillate build of 0.135M vs drawdown of -1.539M estimate

Cushing build of 0.872M vs. last week drawdown of -0.034M

Weekly refining utilization 0.5% versus 0.5% expected. Previous +1.0%

Crude production change 0.12% versus +1.8% last week

The price of crude oil is trading down $-1.20 or -1.62% at $72.13 . Looking at the hourly chart, the low price is moving closer to its rising 100 hour moving average at $71.93.. The price is also trading below its 200 hour moving average at $72.24.

With the price between those two moving averages, the price of crude oil is within a neutral technical area. Moving below the 100-hour moving average would be more bearish. Holding support here and bouncing back above the 200-hour moving average would give the dip buyers against the moving averages some comfort as long as the price remains above those moving averages.

This article was written by Greg Michalowski at www.forexlive.com.