{"id":434974,"date":"2026-07-29T21:52:52","date_gmt":"2026-07-29T14:52:52","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/crude-oil-inventories-fall-7-167m-versus-1-272m-estimate-crude-oil-futures-move-to-new-highs-434974\/"},"modified":"2026-07-29T21:52:52","modified_gmt":"2026-07-29T14:52:52","slug":"crude-oil-inventories-fall-7-167m-versus-1-272m-estimate-crude-oil-futures-move-to-new-highs","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/crude-oil-inventories-fall-7-167m-versus-1-272m-estimate-crude-oil-futures-move-to-new-highs-434974\/","title":{"rendered":"Crude oil inventories fall -7.167M versus -1.272M estimate. Crude oil futures move to new highs"},"content":{"rendered":"<div>\n<p>The weekly EIA oil inventory data showed a large fall in crude oil stocks. The crude oil inventories fell by -7.167 billion barrels compared to estimates of -1.272 million barrels. Gasoline stocks were unchanged versus 8-0.1715 million estimate. Distillates showed a build of 1.062 million versus estimates of 0.146 million.<\/p>\n<p>The EIA\u00a0data runs counter to the private survey estimates of a build of crude oil stocks of 3.3 million.<\/p>\n<\/p>\n<p class=\"PDq2pG_selectionAnchorContainer\">Crude oil prices have surged as escalating tensions in the Middle East fuel concerns over potential supply disruptions. President Trump has vowed to &#8220;hit Iran hard,&#8221; adding to geopolitical risk and helping drive WTI crude to $85.20, up nearly $6.00 on the day, or about 7.4%.<\/p>\n<p>The rally comes just one day after prices fell to $77.88, where buyers emerged at a key swing support level dating back to July 17. That support has now sparked a sharp reversal higher.<\/p>\n<p>From a technical perspective, the price is now trading between two key moving averages: the 200-hour moving average at $84.50 and the 100-hour moving average at $85.46. This creates an important near-term decision zone.<\/p>\n<p>If sellers defend the 100-hour moving average, the price could rotate back toward support near $83.42. However, a decisive break above the 100-hour moving average would strengthen the bullish outlook and open the door for a move toward $88.00, with the 100-day moving average at $90.08 becoming the next major upside target (see chart below).<\/p>\n<\/p>\n<p>                            This article was written by Greg Michalowski at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The weekly EIA oil inventory data showed a large fall in crude oil stocks. The crude oil inventories fell by -7.167 billion barrels compared to estimates of -1.272 million barrels. Gasoline stocks&hellip;<\/p>\n","protected":false},"author":216,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-434974","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/434974","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/users\/216"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/comments?post=434974"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/434974\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=434974"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=434974"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=434974"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}