OIL – US CRUDE: API’s surplus caps oil’s gains ahead of EIA estimate tonight
Move remain relatively range-bound in line with its current consolidatory state, but fresh inventory news could offer a pivot point break.

The latest in Oil WTI:
Yesterday's oil inventories estimate out of American Petroleum Institute (API) showed a 4.45M surplus following last week's sizeable 10.5M surplus, and this evening's Energy Information Agency (EIA) estimate will be closely watched to see whether it can match that estimate with expectations for a 2.5M surplus.
Oil WTI Technical analysis, overview, strategies, and levels
The response in oil markets was a retracement back down on the API release, and so far doing little to change its current consolidatory technical outlook where although its price is below all its main long-term moving averages (that are huddled close to each other), its remaining indicators are neutral and with a non-trending Average Directional Index (ADX).
Current Technical Overview | Consolidation - Positive Bias |
Technical Overview Conformist Strategies | Sell 1st Resistance After Reversal, Buy 1st Support At/Before Price |
Technical Overview Contrarian Strategies | Buy 1st Resistance Upon Breakout From Below, Sell 1st Support Upon Breakout From Above |
S/L for 2nd Resistance | 56.97 |
2nd Resistance | 56.42 |
S/L for 1st Resistance | 55.87 |
1st Resistance | 55.31 |
Relative Starting Point | 54.21 |
1st Support | 53.11 |
S/L for 1st Support | 52.55 |
2nd Support | 52.00 |
S/L for 2nd Support | 51.45 |
IG client and CoT sentiment for Oil WTI
A supply side shock could still occur that would force its price beyond its main pivot points, and were it to the upside would benefit retail and institutional traders continuing to hold heavy long bias.

Oil WTI chart with retail and institutional sentiment

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