Crude oil inventories soar...but action is two way after a quick move
The Crude oil inventories soared by 9357 barrels. Earlier, the USDCAD moved above the 50% and the 200 hour MA at the 1.3153-63 area. Post the build the price extended to 1.3215 but the price is back down to 1.31874 currently.
Is the rotation lower as a result of the decline in inventories for Gasoline and Cushing? Is it a case of buy the rumor sell the fact? Overall, the price action seems to be focused more on profit taking. Crude oil futures fell to a low of $40.15 after the report. It is currently trading at $40.48. Traders are likely keeping a close eye on that price for clues.
