Crude Oil Overnight, Do Traders Expect A Lower Inventory Number Today?

May crude oil closed lower on Wednesday as it consolidates some of this month's rally.

The low range close sets the stage for a steady to lower opening on Thursday.

Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If May extends this month's rally, January's high crossing at $58.31 is the next upside target.

Closes below the 20 day moving average crossing at $48.34 would confirm that a short term top has been posted.

First resistance is Tuesday's high crossing at $54.20.
Second resistance is January's high crossing at $58.31.

First support is the 10 day moving average crossing at $50.65.
Second support is the 20 day moving average crossing at $48.34.

10:30 AM ET. Mar 20 EIA National Gas Inventories, in billion cubic feet

....................Total Working Gas in Storage (previous 1651)

....................Total Working Gas in Storage (Net Change) (previous –30)