Last trading week, the US oil reserves shrank by 1% or 3.7 million barrels. The weekly report published by the US Energy Information Administration, says that the current reserves are estimated at 366,2 million barrels.
The gasoline reserves shrank by 2% down to 366.2 million barrels.
At the same time, the reserves of distillates increased by 700.000 barrels (+0.6%) up to 124.2 million barrels.
The mentioned report is released by the US Energy Information Administration (EIA) on a weekly basis. This is a major event driving the global market of crude oil and oil products. If the reserves shrink, the prices grow, and vice versa.
The chart below, courtesy of , reflects the current state of affairs in the market of the Light Sweet Crude Oil futures. Judging by the chart, the price has probably finished its zigzag pattern inside wave 4and is now forming wave 5. However, the latest upswings look weak and unsure. This means that the retracement inside wave 4 may resume. It may take the form of a triangle pattern.
The key support levels are 92-91,67 while the key level of resistance is located at 94,68.
