Nymex crude oil closed above $75 a barrel, traded between $74-76. Crude rose for the second consecutive day after larger than expected draw in crude inventory. The dollar closed near unchanged and the Dow Jones closed about 100 points higher. U.S. Labor Department released data showing initial jobless fell by 12K to 454K. Continuing jobless claims also fell by 224K to 4.413 mln. The Obama administration has headed to court to reinstate the 6-month moratorium on deepwater oil drilling after a lower court ruled against the ban, U.S. court expects a ruling earlier next week. OPEC’s oil export will rise by 60K bpd in the 4-weeks ending on July 24th according to the Oil Movement. Exports will rise to an average of 23.61 mln bpd from 23.55 mln bpd. NHC says the tropical depression will unlikely become a tropical storm as it makes landfall near Southern Texas and will likely dissipate in the next 24 hours.

Energy Department reported today:

- Weekly crude imports off 68,000 mln bpd to 9.413 mln
- Weekly crude runs up 135,000 bpd to 15.228 mln
- Weekly product imports down 413,000 bpd to 3.03 mln
- Weekly gasoline output off 7,000 bpd to 9.367 mln
- Weekly gasoline blend stocks up 2.0 mln at 143.2 mln
- Weekly distillate output off 20,000 bpd to 4.356 mln
- Weekly heating oil output down 0.7 mln at 45.9 mln
- Gasoline demand in last 4 weeks was 9.449 mln bpd, up 2.0% y/y
- Distillate demand in last 4 weeks was 3.949 mln bpd, up 15.8% y/y
- Total product demand in last 4 weeks was 19.558 mln bpd, up 5.1% y/y
- Crude stocks at Cushing, OK off 184,000 mln barrels at 35.806 mln

Crude Oil:

Crude closed $1.37 higher gaining about 1.8%. Crude rose to a 1-week high after EIA reports a -4.9 mln draw in crude stock, more than expected. Support level will move to $70 and resistance will also move to $80. Chart pattern are choppy, but gaining strength after storm activities in the Gulf. Indicators have rebounded off oversold levels and have stabilized for the moment. Best opportunity is to trade small or daytrade.