EIA Data showed a build of 10.3 million barrels in crude oil inventory, sending the commodity lower. Mike McPartland of McNamamara Options tells TheStreet’s Jill Malandrino the data could make a lot of longs nervous but he is not quite as concerned as the tape may indicate because traders think the cold weather has impacted refining in the Northeast. As summer driving demand kicks in, refining activity will pick up and draw downs should take place and take crude out of storage. Key levels McPartland is focused on is $48 for support and $55 for resistance, which is the range crude has held. Once crude breaks through either of those levels a new trend will be established.
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