WTI reverts losses post-EIA, regains $40.00

The barrel of West Texas Intermediate has now reverted the initial negative performance and has retaken the $40.00 handle and above post-EIA.

WTI up on Gasoline draw

Prices for the barrel of WTI quickly climbed above the key $40.00 mark in spite of crude oil inventories increased by more than 1.4 million barrels during last week, according to the latest report by the EIA.

However, Gasoline inventories unexpectedly decreased by nearly 3.3 million barrels, giving extra legs to WTI.

Further data saw inventories at Cushing dropping by more than 1.1 million barrels, crude imports rising by 301K barrelsday and output cut by 55K barrels/day.

WTI levels to consider

At the moment the barrel of WTI is gaining 2.10% at $40.34 and a break above $43.62 (20-day sma) would open the door to $44.88 (100-day sma) and then $46.93 (high Jul.12). On the flip side, the immediate support lines up at $39.26 (low Aug.2) followed by $37.61 (low Apr.18) and finally $35.24 (low Apr.5).