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EIA released its weekly report on petroleum which failed once again break crude oil range.
- Crude inventory dropped by 4.9 million barrels to 463 million barrels. This is eighth straight drop in inventory according to data from Energy information administration. This week's drop was much larger than expected 2 million barrels.
- Crude inventory at Cushing, Oklahoma fell by 1.9 million barrels compared to expected 0.7 million barrels.
Why crude bulls failing to push ahead amid inventory drop?
- Despite drop in inventory, crude production continue to rise. As of latest, US is producing 9.6 million barrels of oil per day, up by 0.01 million from last week. This is still breaking into record high, making the case for bears.
- Crude inventories though on the drop but remains elevated close to 80 year peak, making the case for bears.
With bulls and bears having their own cases, WTI remains trapped in range. WTI is currently trading at $60.1/barrel, upper range remains at $62.5 and lower at $56.5.
