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WTI Crude Tops $50, Breaks Above Key Technical Level

For the first time since August 10th, WTI crude is trading back above $50 (following the biggest crude inventory build in 6 months and a rebound in production last week).

The gains seem driven by refinery restarts and increased IEA/OPEC demand forecasts, and improved OPEC production cut compliance. This move also follows China’s lowest crude output since 2009 (amid dismal economic data).

The good news (for now) is that RBOB prices are continuing to slide as refiners and pipelines come back on line after Harvey.

WTI also broke above a key technical level…

“It seems like it’s driven by WTI, with prices above their 200-day moving average,” UBS analyst Giovanni Staunovo says of price increase

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