US oil stocks are filling up ahead of the road season.
May is typically the highest month of the year for WTI crude oil prices, as the industry shifts from stockpiling to drawing down inventories as Americans hit the road. Today’s figures show there will be more oil stored than expected, with crude inventories up by 7.265 million bars per day, compared to an expected draw of 1.1 million.
Crude oil prices had been climbing before the release, but then fell to their lowest level since March 14. Eyes are now on the key $80 level, but that seems like a head and shoulders high to me.
WTI crude oil per day
The target measured from head and shoulders would be $74.
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