Crude Oil Trading - Is the Bottom In?

This week brought us a test of 64 spot 59 which was the 55 month moving average just about exactly only traded for just a few minutes and a few cents below that level briefly. Now we're at $6 higher. Does that mean the bottom is finally in on this market? I'm not sure yet. EIA inventory came in with a build on crude oil inventories of 1.1 million barrels but that was the only build on the board. Gasoline was the big draw on the board, 6.4 million barrels. Distill its 3.3 million barrel drawdown. US production 12.2 million barrels unchanged. We haven't really been holding that 12.2, 12