OIL: Crude Reverses Gains on Trump Refutation of Venezuela Strikes

• RES 4: 114-10   High Apr 7 (cont.)
• RES 3: 114-00   Round number resistance
• RES 2: 113-12/29 High Sep 18 / High Sep 11 and the bull trigger 
• RES 1: 112-31/113-00 High Oct 01 / High Sep 24 
• PRICE:‌‌ 112-22+ @ 16:41 BST Oct 1
• SUP 1: 112-01   50.0% retracement of the Jul 15 - Sep 11 bull phase   
• SUP 2: 111-26   Low Aug 26
• SUP 3: 111-13+ Low Aug 18 and a key support  
• SUP 4: 111-01+ 76.4% retracement of the Jul 15 - Sep 11 bull phase  

Prices bounced Wednesday, despite the short-term bear cycle. Recent weakness has resulted in a print below the 50-day EMA, currently at 112-10+. A clear break of this average would undermine a bull theme and signal scope for a deeper retracement. This would open 111-13+, the Aug 18 low and the next key support. On the upside, initial firm resistance to watch is unchanged, at 113-00, the Sep 24 high.

• US EIA: CRUDE OIL STOCKS EX SPR +1.79M TO 416.5M SEP 26 WK
• US EIA: DISTILLATE STOCKS +0.58M TO 123.6M IN SEP 26 WK
• US EIA: GASOLINE STOCKS +4.12M TO 220.7M IN SEP 26 WK
• US EIA: CUSHING STOCKS -0.27M TO 23.5M BARRELS IN SEP 26 WK
• US EIA: SPR +0.74M TO 406.7M BARRELS IN SEP 26 WK
• US EIA: REFINERY UTILIZATION WEEK CHANGE -1.6% TO 91.4% IN SEP 26 WK

• US TSY 17W BILL AUCTION: HIGH 3.785%(ALLOT 64.24%)
• US TSY 17W BILL AUCTION: DEALERS TAKE 27.84% OF COMPETITIVES
• US TSY 17W BILL AUCTION: DIRECTS TAKE 6.17% OF COMPETITIVES
• US TSY 17W BILL AUCTION: INDIRECTS TAKE 65.98% OF COMPETITIVES
• US TSY 17W BILL AUCTION: BID/CVR 3.32