The weekly Crude Oil Inventories, a report prepared and released by the Energy Information Administration in the United States, demonstrated a completely reversed trend in the American crude oil market from one week prior.
According to the findings of the report, the crude oil refinery inputs “averaged 17.5 million barrels per day during the week ending September 6, 2019, which was 114 000 barrels per day more than the previous week’s average”.
“U.S. crude oil imports averaged 6.7 million barrels per day last week, down by 180,000 barrels per day from the previous week. […]U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 6.9 million barrels from the previous week.” [source]
Image source: TradingEconomics.com
The initial market reaction to the news was mild, as the price of the commodity tumbled with 0.86 per cent in the intraday trading session. The price is currently trading at 57.39 per barrel, which is just above the fundamentally important support level at 57.16. That level is also the 38.2 per cent Fibonacci Retracement level.
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