WTI Crude Daily Update for February 23, 2017

WTI crude prices were lower today, correcting after gaining about 2% Tuesday, which left a seven-week high at $55.03. The January-3 19-month peak at $55.24 has remained unchallenged. The price action yesterday didn’t quite mark a breakout of the broadly sideways range that’s been persisting since early January. Crude oil prices made a lower high and a lower low, reversing back into the middle of the range, despite reports that OPEC compliance is close to 93%.

Traders Await EIA Report

Prices reversed through the 10-day moving average which is short term resistance near 53.69.  Additional resistance is seen near the $55.03 level, while support is seen near the $52 handle.  Momentum is flat as the MACD (moving average convergence divergence) index prints near the zero index level. Traders await the Department of Energy’s inventory report which is scheduled to be released one day late on Thursday, following the observance of the President’s Day holiday on Monday.