We earlier noted how Oil had failed to rise despite last night’s API drawdown being  the largest this year. Since then there has been a move higher in the oil price with Oil.WTI (+0.84%) recently trading its highest level of the day.

 In terms of levels to watch the 47.10 region could be significant and unless there’s a clean break back above here the market remains under pressure with 45.80 and the recent low of 43.75 possible supports should price fall.

However a break above 47.10 could be seen as changing the market outlook somewhat with 48.30 and 50.20 levels to watch on the upside. 

On a shorter timeframe such a H1 we can see that price has been attempting to recover lately. The market moved above the Ichimoku cloud on H1 on Monday and dips back to the cloud have found support.

 

 Returning to this afternoon’s data we can observe that two key breaks of support during the recent leg lower occurred following a DOE release. The expected value for the headline this afternoon is -2.0M compared to a -0.9M print last time.