Are you interested in the latest updates on the stock market and trading trends? Look no further than Extreme Investor Network for valuable insights and unique information to help you stay ahead of the game. Let’s dive into the recent developments in the oil market:
– Crude oil imports have seen an increase of 106,000 bpd, with an average of 6.8 million bpd. The four-week average for crude oil imports remains steady at 6.8 million bpd.
– The Strategic Petroleum Reserve has grown from 368.8 million barrels to 369.3 million barrels as the U.S. continues to build up oil reserves.
– Domestic oil production has stayed constant at 13.1 million bpd, with current price levels not incentivizing a production increase.
– WTI oil is striving to break above the $79.00 level following the latest EIA report. While a significant decline in crude inventories signals a bullish outlook, rising gasoline inventories may push back on the market. To surpass the resistance level at $79.00 – $80.00, WTI oil will require strong positive catalysts.
– Brent oil has settled near the $83.00 level after the EIA report release. The technical outlook for Brent oil hinges on surpassing the resistance at $83.50 – $84.50 for sustained upward momentum.
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