Nymex crude oil closed above $72 a barrel, traded between $70-72. Crude rose for the first time in 6 days despite big builds in EIA report. The dollar closed a little higher and the Dow Jones closed about 40 higher. U.S. new home sales fell -12.4% to 276K unit annual rate in July to a record low due to expired stimulus plan.

U.S. durable goods increased 0.3% in July, less than expectations. President Obama may lift its moratorium in October ahead of Nov. 30th schedule, but oil rigs may sit idle until new rules and regulations are released. About 33 rigs are sitting idle and costing about 23.247 U.S. jobs. NHC says hurricane Danielle regained strength to a Cat 1 located about 795 miles east of the Leeward Islands and poses no threat to the oil $ gas production in to Gulf. A reminder, Nymex September option expiration is
tomorrow for RBOB, heating oil and natural gas.

Energy Department reported today:

 - Weekly crude imports up 320,000 bpd to 9.849 mln
- Weekly crude runs down 348,000 bpd to 14.890 mln
- Weekly product imports up 84,000 to 2.996 mln
- Weekly gasoline output off 84,000 bpd to 9.375 mln
- Weekly gasoline blend stocks up 1.2 mln bbls at 148.1 mln
- Weekly distillate output up 133,000 bpd to 4.385 mln
- Weekly heating oil output up 1.1 mln at 51.7 mln
- Gasoline demand in last 4 weeks was 9.39 mln bpd, up 3.0% y/y
- Distillate demand in last 4 weeks was 3.54 mln bpd, up 4.9% y/y
- Total product demand in last 4 weeks was 19.50 mln bpd, up 1.6% y/y
- Crude stocks at Cushing, OK off 78,000 barrels at 36.26 mln

Crude Oil:

Crude closed 89 cents higher gaining over 1.2% today. Crude rebounded off 7-week lows despite a +4.1 mln build in crude stock. Support level will stay at $67 and resistance will also stay at $75 for the moment. Chart pattern remains bearish as prices fail to close above yesterday’s highs. Indicators are also bearish, but may rebound off oversold as traders take profits off the table. Best opportunity is to trade from the short side as the U.S. driving season end nears the end.