United States EIA Natural Gas Storage Change came in at 81B, beating forecasts of 73B in July 5.
Oil prices are trading higher for one more day amid increasing geopolitical tensions. The American Petroleum Institute reported a crude inventory draw of 8.129 million barrels for the week ending July 4th, compared to market expectations of a 3.081 million barrel draw. Last week, the API reported a draw of 5 million barrels. The net build is just 13.56 million barrels for the 28-week reporting period so far this year.
Crude oil is trading 0.25 percent higher at $60.41 breaching the resistance at 59.12 the 100 day moving average. If the price breaks convincingly above the 100 day moving average the way to 61.24 high from May 23 will be open. On the downside crude oil immediate support stands at 57.89 the 50 day moving average while more bids will emerge at 56.76 the 20 day moving average.Don’t miss a beat! Follow us on Twitter.