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US Crude: recent losses stopped by EIA data

EIA data halts US crude losses

The seasonal for US Crude are very strong with prices picking up from this month into April. If you need a reminder, check out Adam’s post here.

Yesterday’s headline inventory level showed a smaller than expected headline build of 1263K+ barrels vs+1850K expected. The Distillates showed a larger draw than expected at -2257K vs -2000K expected and the gasoline build was smaller then expected at +513K vs +1500k expected. 

This data halted US Crude falls and this makes the 53 level a potential bottom. Looking at the US crude Daily chart the 50.00 level which is also a Pivot Point would look like a decent place to put a stop trying to play for higher prices up towards the 60 handle. 

Oil for February

The following factors add some fundamental belief to a long US crude position. 

The seasonal can add a little spring in your step and the technicals limit and define your risk.  

US crude

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