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Crude oil prices hit a multi-month high as US crude inventories hit the lowest level since Apr 2022. It hit a high of $80.56 and currently trading around $80.04.
The U.S. Energy Information Administration reported on January 15, 2025, that inventories of U.S. crude oil declined by 2.0 million barrels as of the week ending January 10 to stand at 412.7 million barrels. Inventories are down by 6% compared to their average this time of the year and recorded the eighth successive week of falling supplies. While crude oil inventories dropped, motor gasoline stocks rose by 5.9 million barrels, and distillate fuel stocks increased by 3.1 million barrels. At the same time, crude oil refinery inputs were at an average of 16.6 million barrels per day compared to 255,000 barrels less a week ago, at 91.7% of capacity. Therefore, based on this long-term trend of the oil market, prices would be expected to rise because supply and demand are not balanced in this market.
Price Resistance and Support Levels
The near-term resistance is around $80.60; any breach above this level could push prices higher to $81.25/$82/$82.90/$84.45. On the downside, immediate support is at $78.70, violation below targets $77.50/$76/$75/$74.
It is good to buy on dips around $78 with a stop-loss around $76 and a target price of $82.
