US crude oil futures settle at $33.49

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Settle up $1.53 or 4.8%

the US crude oil futures are settling the day at $32.49. That is up $1.53 or 4.8%.

The high price for the day reach $33.74. The low price extended to $31.56.

Today the crude oil inventories saw a drawdown of 4.982 million barrels vs. expectations of a build of 2.15 million. That has helped the price action. On the other side, however, was that gasoline inventories did show a surprise build of 2.83 million barrels vs. expectations over drawdown of -2.9 million. So there was some mixed data out of the inventory data today.

Technically looking at the chart of the July contract, the price is approaching the 38.2% retracement of the 2020 trading range. That level comes in at $34.72. Should momentum continue, going forward the falling 100 day moving average and the 50% retracement are near the same level around the $40 area.

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